NCLAT junks plea of Liberty Shoes's former CEO seeking ease of norms to sue firm
NCLAT has dismissed the petition of Adesh Kumar Gupta, former CEO and Executive Director of Liberty Shoes, seeking an exemption from minimum shareholding norm to file a case of oppression and mismanagement against the company. Gupta has 5.83 per cent shareholding in Liberty Shoes.
He was removed as an executive director of Liberty Shoes on September 30, 2023 and ceased to be the chief executive officer (CEO) of the company.
However, the company informed the stock exchange about his removal from the board on November 21, a day after the Chandigarh bench of the National Company Law Tribunal (NCLT), on November 20 last year, dismissed his earlier plea.
Gupta then moved NCLAT and sought a waiver under section 244 of the Companies Act in order to file a petition under Section 241, alleging oppression and mismanagement against him by the majority promoter block on the board.
As per norms, a plea alleging oppression and mismanagement under Section 241 should be backed by at least one-tenth of the total number of the issued share capital of the company.
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