Chalasani Uday Sankar vs Lexus Technologies Pvt Ltd

Judicial Analysis Court Copy Headnote Facts Arguments Court observation

2026 Supreme(Online)(NCLT) 1724

NATIONAL COMPANY LAW TRIBUNAL
UMESH KUMAR SHUKLA, Technical Member, KISHORE VEMULAPALLI, Judicial Member
Chalasani Uday Sankar – Appellant
Versus
Lexus Technologies Pvt Ltd – Respondent

Advocates:
For the Petitioners: PBA Srinivasan
For R-1: G. Sethu Rama Rao
For R-2: Naresh Kumar Sangam
For R3 & R4: G. Sandhya Rani

Table of Content
1. petition dismissed with pending ias. (Para 1 , 2)
2. procedural history and interim orders. (Para 3 , 4 , 6 , 7 , 8 , 9 , 10 , 11 , 12)
3. case transfer and impleadment. (Para 13 , 14 , 15)
4. company incorporation and share acquisition claims. (Para 16)
5. parties' counters denying share transfer. (Para 17 , 18 , 19 , 20 , 21 , 22)
6. prior dismissal and appellate reversals. (Para 23 , 24 , 25 , 26)
7. fresh hearings and service compliance. (Para 27 , 28 , 29 , 30 , 31 , 32 , 33 , 34)
8. roc investigation into records. (Para 35 , 36)
9. non-compliance and affidavit defects. (Para 37 , 38 , 39 , 40)
10. statutory provisions on share transfer. (Para 41 , 42 , 43 , 44 , 45)
11. aoa pre-emption procedures not followed. (Para 46)
12. transfer deeds improperly executed. (Para 47)
13. payment acknowledged but not valid consideration. (Para 48)
14. no locus for oppression claims; petition dismissed. (Para 49 , 50 , 51 , 52 , 53)

O R D E R

[PER: BENCH]

This Petition was originally filed vide Diary No.9167 dated 09.11.2018 before the National Company Law Tribunal, Hyderabad (hereinafter referred to as the “NCLT Hyderabad”) as CP No. 667/241/HBD/2018 (hereinafter referred to as the “CP 66