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2017 (3) TMI 1897 - SUPREME COURTMaintainability of petition - Oppression and Mismanagement - lifting of Corporate Veil - HELD THAT:- The appellant shall have the right to take all points including the point of tearing of the corporate veil so far as the Section 397/398 Petition is concerned. Further, the subsidiary companies against whom the appellant has not made any allegations in the Petition and no relief has been sought for against need not be added as parties. However, Respondent Nos. 8, 9, 13, 14, 16, 17 and 18 and Respondent Nos. 4 and 7 should be added as parties and the appellant shall be at liberty to argue on the grounds in the said Petition and the prayer regarding the alleged mis-management of the companies in question in case the corporate veil is lifted. The Section 397/398 Petition is maintainable as the appellant holds 10% of the share capital in the holding company. Appeal disposed off.
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