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2010 (5) TMI 390 - SC - Companies LawWhether a case of oppression and mismanagement by the majority shareholders against the minority shareholders had been established or not? Held that:- SLP dismissed. From the facts as revealed, the only conclusion that can be arrived at is that the respondent No. 5 had committed a breach of contract in regard to supply of materials to the respondent No. 1-company in terms of the EPC contract. Such lapse, in our view, would not constitute the ingredients of a complaint under sections 397, 398, 402 and 403 of the Companies Act, 1956. Such breach could give rise to an action of breach of contract under section 73 of the Indian Contract Act, 1872. No act of oppression or mismanagement within the meaning of sections 397, 398, 402 and 403 of the Companies Act, 1956, has been made out by the petitioners against the majority shareholders of the respondent No. 1-company which would justify the making of a winding up order on the ground that it would be just and equitable to do so and to pass appropriate orders to bring to an end the matters complained of.
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