2001 (3) TMI 931 - SUPREME COURT

Oppression and mismanagement - Held that:- Appeal dismissed. The Division Bench noticed that the position that petitioner No. 1 ceased to be a director is seriously disputed and the Division Bench ultimately concluded that the termination of directorship would not entitle such person to ask for winding up on just and equitable grounds inasmuch as there is an appropriate remedy by way of company suit which can give him full relief if such action had been taken by the company on inadequate ground. The Division Bench found that if a director even if illegally terminated cannot bring his grievance as to termination to winding up the company for that single and isolated act, even if it was doing good business and even if the director would obtain each and every adequate relief in a suit in a court. Thus no good reason to interfere with such an order