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2017 (3) TMI 1583 - Tri - Companies LawOppression and mismanagement - applicability of limitation/delay and latches in the instant case - Held that:- Considering the pleadings, the documents, arguments and legal decisions filed by both side, as applied to the facts and circumstances of the case, find that the petitioner has not been able to controvert the contention of the respondent(s). While exercising the equitable jurisdiction, find that the equity is in favour of the respondent(s). Rather, it is conduct of the petitioner, as discussed above, which has been prejudicial to the interest of the functioning of the Company. Therefore, it would be highly unjust to grant the prayers sought by the petitioner. Such a relief, if granted, could highly be oppressive to the respondent(s). In the present case, the conduct of the petitioner shows that they have not come with clean hand, in the sense, they had acted in a manner prejudicial to the interest of the company as well as shareholdings and it is they who has acted in violation of mutual trust and confidence. In this view of the matter, on facts and in law, it is noted that in the present case, the petition suffers from delay and latches. The delay and latches do apply which start from the date of knowledge. The doctrine of laches is based on equitable consideration and depends on general principles of justice and fair play. Thus petition has no merit and is liable on account of huge delay and laches and as also frivolous. It is dismissed accordingly.
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