IN THE NATIONAL COMPANY LAW TRIBUNAL, BENGALURU BENCH [Through Physical hearing/VC Mode (Hybrid)]

ITEM No.01 C.A No. 166/2024 in CP No.100/BB/2024 IN THE MATTER OF:

Nanjappa Mallikarjuna & Ors. … Petitioner Vs My Towers Builders & Developers Pvt Ltd & On … Respondent Petition under Section 241-242 of Companies Act 2013 Order delivered on: 17.02.2026 CORAM:

SHRI. SUNIL KUMAR AGGARWAL HON’BLE MEMBER (JUDICIAL)

SHRI. RADHAKRISHNA SREEPADA HON’BLE MEMBER (TECHNICAL)

COUNSELS PRESENT:

For the Petitioner : Ms. Apoorva For Respondent : Ms. Pearl.M

ORDER

1. Heard Ld. Counsel for the parties.

2. C.A No. 166 of 2024 is dismissed vide separate order.

3. List the main C.P on 09.04.2026 for hearing.

-Sd- -Sd-

RADHAKRISHNA SREEPADA SUNIL KUMAR AGGARWAL MEMBER (TECHNICAL) MEMBER (JUDICIAL)

Gy IN THE NATIONAL COMPANY LAW TRIBUNAL BENGALURU BENCH (Hearing conducted through Hybrid mode C.A No. 166 OF 2024 in C.P. No.100/BB/2024 Application under Section 241-242 of the Companies Act, 2013 read with Rule 11 and 32 of the National Company Law Tribunal Rules, 2016 IN THE MATTER OF

1. Shri Nanjappa Mallikarjuna 2. Chikkamallappa Shivamani

3. Bharthi Muninanjappa Budigere

4. N.Suvarna

5. M.Nanjappa Babu

6. N.S Manjunath

7. Sadashiva Chandramouli

8. Sadashiva Arun Kumar --- Applicants/Petitioners All at No.2954, KR Main Raod, B.S.K 2^nd Stage, Bengaluru – 560070 Versus

1. M/s. Towers Builders and Developers Private Limited, 12, A M road, Kalasipalyam, Bengaluru-560002

2. Nanjappa Sadashiva No.25, Senavihar, Kammanahalli, Main Road, Kalyanagar, Bengaluru East, Bengaluru -560043

3.S.Kumari Villa 40, Jeevanadi, Sanskar, Kodigehalli, Benglauru-560097

4. S.Sowmya #5, Rajanna Lane, Ganigarpet Nagretpet Cross, Bengaluru-560002 5. S.Sunil Kumar

25, Senavihar, Kammanahalli, Main Road, Kalyanagar, Bengaluru East, Bengaluru -560043

6.M.Navyashree No.2954, K.R Main Road, B.S.K 2^nd Stage, Bengaluru-560070

7. ICICI Bank-Kalasipalyam Bengaluru Branch My Towers Builders & Developers Pvt. Ltd., No.12, AM Road, Kalasipalya Bengaluru-560002 --- Respondents Order delivered on_17.02.2026 CORAM: 1. Hon’ble Shri Sunil Kumar Aggarwal, Member (Judicial)

2. Hon’ble Shri Radhakrishna Sreepada, Member (Technical)

PRESENT:

For Applicants/Petitioners : Ms. Apoorva For Respondents No.2 to5 : Ms. Pearl. M

O R D E R

1. This Company Petition is filed on 25.01.2022 by Shri Najappa Mallikarjuna and 7 others (hereinafter referred as “Petitioner”) under Section 241-242 of the Companies Act, 2013 read with Rule 11 and 32 of the National Company Law Tribunal Rules, 2016 against My Towers Builders and Developers Private Limited and others (hereinafter referred as “Respondents”) inter-alia seeking to direct a. The Petitioner No.1 also be made a joint signatory along with Respondent No.2 for banking and other purposes and b. Pass such other or further reliefs as this Hon’ble Tribunal deems appropriate in the facts and circumstances of the case in the interest of justice and equity.

2. Facts of the case:

a. It is submitted that till the year 2006, the Respondent No.1 Company was initially established and administered by Petitioner No.1 mainly. During the period from 1999 to 2000, the Petitioner No.1 along with a few erstwhile Directors managed the affairs of the Respondent No.1 Company and the Petitioner No.1 was one of the first Director and subscriber. Initially the Petitioner No. 1 was the signatory, and on the entry of the Respondent No.2, without even considering the fact that the Petitioner No.1 belonged to the founder group the Petitioner No. 1 was sidelined by the Respondent No.2.

b. By 2015 the Respondent No.2 assured that he pushed himself to take control of the Respondent No.1 Company completely. Since the Respondent No. 2 is the eldest in the family, all the family members thought that Respondent No.2 would not indulge in any acts that would affect the Respondent No.1 Company and as such did not object to Respondent No.2 having more than 50°/o equity shares in the Company. The Respondent No. 2 was appointed as one