As a result of the removal of all promoter directors from the board of directors by the national company law tribunal (NCLT), which was done to protect the firm from bad management, Atlas Cycle will now be run by a new group of individuals. Six independent directors have been appointed in the public interest to lead the company as a temporary measure.
We mandated the immediate removal of the current board of directors. The removed directors shall no longer represent the firm in their capacity as directors or exercise their directorship rights in any way in front of any authority. We commanded the immediate removal of the whole management committee led by a member of the Kapur Family.
The major bench of NCLT issued a decision on December 6, 2022, stating that all Kapoor brothers and legal successors must immediately quit and desist from holding any positions of authority in the company’s administration.
newest hires directors of Atlas
The bench appointed R Parthasarathy (Advocate Supreme Court), Ved Jain (Former President, ICAI), Jarnail Singh (Retired IAS), Hem Pande (Retired IAS), Surina Rajan (Retired IAS), Menmohan Juneja (Retired ICLS), and Menmohan Juneja (Retired IAS) to manage the business. The board will form a committee in accordance with company legislation and choose a chairman from among themselves.
It will take all further actions that may be required for the business’s efficient operation. The bench stated that the new board will be in place starting on December 9, 2022, and that it will last no more than a year or until further order of this tribunal, whichever comes first. However, it will be subject to periodic review by this tribunal as may be necessary.
On the grounds of repression and poor management, the petitioners (one of the Kanpur brothers) would file the complaint in 2015 in accordance with the terms of the Companies Act. Atlas Cycle is a publicly traded corporation in which the general public owns around 58% of the shares (or roughly 11000 owners). The company has 600 workers, as many as 1,000 vendors, and 3,000 dealers.
Fall Share Price of Atlas Cycle
When the corporation was thriving, the price of an Atlas share was Rs. 360. In more recent times, it dropped to Rs. 29.
Due to a lack of working space and the non-supply of parts by unpaid vendors, the Sahibabad operation, where the company formerly produced 200,000 cycles per month, is currently the only one operating at a very low capacity of 800 bicycles per month. While the Mulanpur facility ceased to operate in 2014, the Sonepat unit shut down in 2018.
A long time ago, in or around 2003, the tribunal of noticed the dispute with regard to one of our order matters connected to the split of the corporation into three management units started. The legal battle is still going on, for one reason or another.
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