In 2016, disputes had arisen between the Sarkar family members with respect to the
control of the ABP Group. In April 2017, a memorandum of family settlement was executed.
If a company fails to comply with the conditions defined in the Companies Act when calling for an EGM, the decisions taken in the EGM may be be invalidated if challenged at the NCLT.
The investors alleged that the company s move to call for rights issue is illegal and contrary to law and sought a stay of it, while the board of directors of the company argued that the investors were creating obstructions to the company
The arbitration proceedings, which were to commence from September 18, have been stayed till the plea before NCLT by CEO Anupam Mittal alleging mismanagement in his company is heard finally.