Home Case Index All Cases Companies Law Companies Law + HC Companies Law - 2010 (7) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2010 (7) TMI 815 - HC - Companies LawOppression and mismanagement - Whether in this case, the petitioners could make out a case for any relief on the ground of equity and even if the petitioners failed to make out a case under section 397 still they are entitled to any relief under section 402 of the Companies Act, 1956? Held that:- There is substance in the submission of learned counsel for the respondent that for such relief there is no fact foundation in the entire company petition nor such declaration, as sought by the petitioner in the petition, could have been given by the Company Law Board and there is no prayer of the petitioner that respondent No. 3, Shri T.N. Unni be removed from the board of directors.From the above discussions, it is clear that the petitioners miserably failed to make out any case under section 397 of the Companies Act, 1956. No reason to hold that the company, whose shareholding in other companies could have affected and the company in its wisdom found that the company should contest the appeal wherein the petitioner was under an obligation to implead the company as party in the company petition and appeal then the company should not have put forward its own case before the court. The act of the company cannot be condemned to the extent of holding that the company committed wrong and for that wrong the other director and respondents are liable.
|