Tribunal dissolves Mantri firm Board, appoints administrator
BENGALURU: The National Company Law Tribunal has suspended the Board of Buoyant Technology Constellations Pvt Ltd (previously called Mantri Technology Constellations Pvt Ltd) following a petition filed against it. It has appointed retired Karnataka High Court judge, Justice Anand Byrareddy, as administrator for the concern.
The decision is an outcome of a petition filed against it and seven others by another Mantri group, Waterwalk Apartments Pvt Ltd (previously Mantri Apartments Pvt Ltd) and real estate developer Sushil Mantri, under Sections 241 & 242 of the Companies Act, 2013.
The Tribunal delivered its verdict on Friday (June 24). The two projects coming under the purview of Mantri Technology Constellations are Mantri Manyata Energia and Mantri Lithos, both in Bengaluru. It said, “The administrator shall hold office and will manage affairs of the first respondent company until further orders of the Tribunal”, referring to Buoyant Technology. He must also file independent monthly reports to the Tribunal, it said.
An impasse has come about between two groups of shareholders of Buoyant Technology, Xander Group and Mantri Group, the Tribunal pointed out. The order said Xander Group has been instrumental in mismanaging the affairs of Buoyant Technology, and through their acts of omission and commission, oppressed the rights of Waterwalk Apartments Ltd. The objective was to wrongfully gain at the expense of Buoyant Technology, it added.
Bhagyalakshmi Ayyar of the Forum for People’s Collective Efforts which fights for the rights of home buyers, said, “Energia group complaint is pending adjudication before K-RERA Authority. Home buyers of Energia will be making a representation to Justice Anand Byrareddy.”