New Delhi, July 1 (IANS) The Bangalore bench of the National Company Law Tribunal (NCLT) will next hear Triveni Turbine's plea against GE Triveni, a joint venture between the former and GE India, on July 9.
Triveni has accused GE of acts of "oppression, fraud and unethical business practices" in the conduct of business at the joint venture (JV) formed in 2010 to leverage and synergise the respective strengths of the JV partners in the 30-100 MW steam turbine range.
Admitting the plea, the two-member bench ordered a stay on General Electric Company's plan of altering its shareholding in its group company Baker Hughes LLC.
"An order of ad-interim injunction is granted restraining respondent no. 5 (GE) from altering, in any manner whatsoever, the shareholding composition of respondent no. 4 (Baker Hughes LLC) or causing the same to be altered in any manner," the order said.
In its petition, Triveni Turbine accused GE of suppression of crucial information as data of all the the employees of the joint venture continue to be saved on the servers of GE or its group companies to which Triveni has no access.
The NCLT order directed GE and GE Triveni, among others, to give Triveni Turbine immediate acces to all the company's data, including electronic data.
In the petition, Triveni has alleged that "while GE had committed to provide brand strength, international sales network and cutting-edge technology to the JV, in reality it hatched a plan to defraud and deceive Triveni as well as the JV."
Triveni alleged that "having starved the company of business, GE now intends to sell and/or transfer and/or alienate its shares in Baker Hughes LLC and circuitously exit the JV".
Triveni had therefore pleaded the tribunal to pass an interim injunction to stop GE from alienating its aforesaid shareholding.
It has further pleaded that an investigation be ordered into the affairs of the JV to determine the full extent to which GE allegedly starved the JV business by suppressing sales, failing to promote business, fraudulently competing with the JV's business and refusing to share technology that would make the JV's products competitive in the market.
An email query to GE India from IANS regarding the matter has not been answered so far.
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