NATIONAL COMPANY LAW TRIBUNAL

COURT-V, MUMBAI BENCH

5. CP/1105(MB)2018

IN THE MATTER OF Arvind Jagannath Bagul

V/S

Sanjit Instruments Pvt Ltd

U/s 241(1), 242(4) Companies Act, 2013

Order Delivered on 16.12.2025

CORAM:

SH. MOHAN PRASAD TIWARI SH. CHARANJEET SINGH GULATI

MEMBER (J) MEMBER (T)

Appearance through VC/Physical/Hybrid Mode:

For the Petitioner:

For the Respondent:

________________________________________________________________

ORDER NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH, COURT - V Under Sections 241 and 242 of the Companies Act, 2013.

CP/1105(MB)2018: The above CP is listed for pronouncement of the order. The

same is pronounced in open court, vide a separate order.

Sd/- Sd/-

CHARANJEET SINGH GULATI MOHAN PRASAD TIWARI

Member (Technical) Member (Judicial)

//Rahul//

Arvind Jagannath Bagul …. Petitioner Versus

1. Sanjit Instruments Private Limited

2. Mr. Sunil Jagannath Bagul

3. Mrs. Megha Sunil Bagul …. Respondents Order Pronounced on: 16.12.2025 Coram:

Hon’ble Sh. Mohan Prasad Tiwari, Member (Judicial)

Hon’ble Sh. Charanjeet Singh Gulati, Member (Technical)

Appearances:

For Petitioner : Adv. R. T. Rajguroo (PH)

For Respondent: Adv. Omkar V Deosthale a/w CS Sharad Gawade (VC)

ORDER C.P. NO. 1105/2018

1. This Company Petition No. 1105 of 2018 has been filed on 11.05.2018 under Sections 241 and 242 of the Companies Act, 2013 by Mr. Arvind Jagannath Bagul against the Respondents, seeking, inter alia, a declaration that his removal from the office of Director is null and void and for his restoration as Executive Director on the same terms and conditions; directions to Respondent Nos. 2 and 3 to make good and bring back into Respondent No. 1 Company the monies paid to SMPL as well as the siphoned amounts; payment of all dues payable to the Petitioner and his family members by the Company; division of the business of the Company between the two groups of shareholders, namely Mr. Sunil Bagul (Respondent No. 2) along with Ms. Megha Bagul (Respondent No. 3) on one hand and Mr. Arvind Bagul and Mr. Suresh Bagul on the other, in accordance with their respective shareholding; grant of compensation of Rs. 3,50,000/- for being compelled to file the present Petition; and for passing such other orders or directions as may be deemed just and proper under Section 252 of the Companies Act, 2013.

2. Description of Parties

2.1. The Petitioner – Mr. Arvind Jagannath Bagul, is the Promoter Director and holder of 7853 fully paid up equity shares of Rs. 100/- each aggregating to Rs. 7,85,300/-, i.e. 31.79% of the paid-up share capital of Rs. 24,70,500 of the Respondent No. 1 Company.

2.2. The Respondent No. 1 is a Company incorporated under the Companies Act, 1956 with the object to develop, import, export, manufacture, supply, assemble and to act as agent, vendor, sub-agent of all kinds of Electrical & Electronic instruments.

2.3. Respondent No. 2 and 3 are the other Directors of the Respondent Company.

3. Submissions of the Petitioner:

3.1 The Petitioner contends that Respondent Nos. 2 and 3, being the majority shareholders of Respondent No. 1 Company, have indulged in acts of oppression and mismanagement within the meaning of Sections 241 and 242 of the Companies Act, 2013. It is alleged that they have diverted the funds and assets of the Company for their personal benefit and for the benefit of Sanjit Moulds Private Limited (SMPL), a concern in which they have substantial interest.

3.2 It is further submitted that, in the interest of the Company, the Petitioner vide email dated 07.07.2015 requested Respondent No. 2 that Plot No. G- 67 situated at MIDC, Ambad, Nashik, owned by SMPL, be transferred to SIPL against the amounts transferred on various occasions from the business of SIPL and/or loans taken over by SIPL on behalf of SMPL to overcome its financial crisis since 1998. Thereafter, vide email dated 06.03.2016, the Petitioner raised a demand of Rs. 1,71,00,000/- along with interest in respect of various transactions between SIPL and SMPL since

1997.

3.3 The Petitioner