NCLAT stays NCLT order terming allotment of shares in Peerless 'void'

About 30,000 shares of Peerless had been issued to friends, relatives and nominees of the Roys, promoters of Peerless, in 1988 following an annual general meeting

The National Company Law Appellate Tribunal (NCLAT) has stayed an order passed by the Kolkata Bench of the National Company Law Tribunal (NCLT) that had termed allotment of shares to the Roys of Peerless General Finance & Investment in 1988 ‘void’ and ordered cancellation.

In an order passed on Friday, the appellate tribunal said, the impugned order dated July 18, 2022, passed by the NCLT is stayed till further order.

It said, “By the impugned order since the NCLT has dealt with about 30,000 shares which were issued long back in the year 1987-1988, prima facie we are of the