NCLT Permits Ex-Promoters to Pursue Oppression and Mismanagement Plea Against ICEX

The National Company Law Tribunal, Ahmedabad Bench, allowed former promoters and shareholders of Indian Commodity Exchange Limited (ICEX) to proceed with a petition alleging oppression and mismanagement under Section 244(1)(a) of the Companies Act, 2013.

The applicants had sought a waiver of the 10% shareholding requirement, arguing that part of their shares was attached under the Prevention of Money-Laundering Act, 2002, without affecting ownership rights.

The Tribunal held that such attached shares could be considered for eligibility since no final order of divestment had been passed and permitted the plea to proceed on merits.