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2013 (12) TMI 228 - RAJASTHAN HIGH COURTSeparate legal entity - Oppression and mismanagement u/s 397 and 398 of the Companies Act, 1956 - Company's ownership became a part of family arrangement – Held that:- Merely because company formed a part of family arrangement, it would not cease to be an independent juristic person being governed by Companies Act. Stay of company proceedings – Held that:- It cannot be said that the issues involved in the two matters, i.e., the company petition and civil suit are directly and substantially the same - The inquiry in the two proceedings operate in different arena and different field - the issues involved in the company petition are within the exclusive jurisdiction of the authority/Court envisaged by the Act of 1956 - The suggestion about operation of the interim order as passed in the civil suit remains entirely misplaced and is of no avail for the appellants - it appears to be wholly untenable a proposition that because of an order for maintaining status quo in a suit for partition of properties amongst the members of family, an inquiry on the allegations of oppression and mismanagement in a company governed by the Act of 1956 may also be stalled – Decided against Appellant.
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