IFFCO has moved the NCLT against Swan Energy and its joint venture Triumph Offshore to prevent their joint venture from passing resolutions or issuing shares or securities to lenders against loans without approval. prevented that.
In a petition filed in the Ahmedabad Bench of the NCLT seeking an injunction against such a proposal, IFFCO said Triumph Offshore is prepaying debts which may dilute its shareholding in the joint venture and He argued that it was detrimental to the company. That interest.
IFFCO moved the NCLT under Sections 241 and 242 of the Companies Act, 2013, alleging oppression and mismanagement.
The Commission found that Swan Energy and Triumph Offshore were involved in „the petitioner's (IFFCO) We pray that the Board of Directors be prevented from passing resolutions without prior written approval.“ It could be converted into R2 (SEL) or shares in favor of third parties, which could result in dilution of the petitioner's shareholders. ”
Fertilizer giant IFFCO owns a 49% stake in Triumph Offshore, a joint venture with Swan Energy set up to set up a floating storage and regasification unit. Swan Energy Ltd is his majority partner with a 51% stake.
Triumph Offshore's board of directors is comprised of three nominees from Swan Energy, two from IFFCO and two independent directors.
According to IFFCO, Triumph Offshore has tied up with banks for a term loan of Rs 1,640 crore, of which SBI has sanctioned Rs 500 crore. To secure the loan, the entire share capital held by IFFCO was mortgaged by the lender.
IFCO said that Triumph Offshore, through its named directors and two independent directors, „in collaboration with R2 (SEL) created a situation in which all cash reserves were exhausted and R1 (Triumph) was placed in financial distress.“ „I claim that.“ Advance money to the lender unnecessarily in a hurry. ”
Additionally, no steps have been taken to charter a floating storage and regasification unit (FSRU), with the board's decision „solely in furtherance of SEL's intention“ to ultimately lead Triumph Offshore. It added that the proposal is for accepting a loan from SEL in order to restore the joint venture's ability to repay bank loans if acceptance becomes necessary.