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2008 (8) TMI 569 - HIGH COURT OF MADRASInvestigation of company’s affairs - Held that:- As under the provisions of section 237(a)(ii ) of the said Act the court has no general discretion to go in a fishing expedition to find evidence. Therefore, only on disclosure of strong materials court can exercise its discretion in ordering an investigation under the aforesaid section. In our view, the learned Judge has placed the reliance correctly on those judgments, as also on the judgment in the case of V.V. Purie v. E.M.C. Steel Ltd. [978 (12) TMI 137 - HIGH COURT OF DELHI], wherein it has been said that a person having no interest or concern with the company as a shareholder, creditor or otherwise has no locus standi to invoke the aforesaid provision of the said Act. The learned Judge has rightly relied on the said judgment inasmuch as the finding of fact is that on the date the alleged sale took place the petitioner was not a shareholder. Appeal dismissed.
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