Minority shareholders have to take a back seat as the National Company Law Tribunal’s focus has been on insolvencies, which has impacted its other duties, namely the oppression and mismanagement jurisdiction, write Aditya Vikram Bhat and Aadith Sridhar
ON9 January 2009, the Blackberrys of corporate lawyers, accountants, law enforcement officers and corporate executives started buzzing with forwards of a letter said to have been written by Ramalinga Raju, the then CEO of Satyam Computer Services. In summary, Raju admitted in the letter to inflating reported revenues and manipulating numbers in the financial statements of Satyam without the knowledge of its board.
Over the next few days, fingers also pointed towards…