In cases of equal shareholding and director representation among shareholders, where a deadlock arises in the day-to-day management of the company, the deadlock should be resolved by one group purchasing the shares of the other – Mr. Hormouz Phiroze Aderianwalla and Anr. Vs. Del. Seatek India Pvt. Ltd. and Ors. – NCLT Mumbai Bench
NCLT Mumbai Bench held that the Petitioners and respondents are 50:50 shareholders of the company. Accordingly, the value per equity share of the Company as on 31.12.2022 is Rs. 26,179. In view of the above discussion and findings, this Bench is of the considered view that, the petitioners be directed to purchase the shareholding of R2 and R3, in R1 Co within six months, accordingly the respondents shall exit the Company.
