NCLT restraint Oswal Agro Mills Ltd and Oswal Greentech Ltd from selling any of company property without prior approval of court.
Last month the National Company Law Tribunal (NCLT) of Chandigarh allowed maintainability of Pankaj Oswal’s petition filed for mismanagement and misappropriation clandestinely happening in his late father’s companies i.e. Oswal Agro Mills Ltd and Oswal Greentech Ltd.
Against the NCLT order, both companies filed separate Appeals with the National Company Law Appellate Tribunal, Delhi which was although admitted by the Appellate Tribunal but also imposed a restraining order against both the companies from disposing off any of their properties unless they give intimation to Mr. Pankaj Oswal (who is one of the legal heir to Late Abhey Oswal) and take prior approval from Appellate court too.
Although OGL & OAML’s management is leaving no stone unturned to stonewall Pankaj Oswal from the affairs of the Company, an enquiry by Pankaj into its affairs reveal significant amount of funds have siphoned off from OAML and OGL to related parties and companies held & controlled by his brother-in -law Mr. Naveen Jindal’s family and company MD Mr. Anil Bhalla’s family.
NCLT restraint Oswal Agro Mills Ltd&Oswal Greentech Ltd from selling any of company property
The next date fixed for hearing in NCLT is 15 January 2019.