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2014 (6) TMI 676 - HC - Companies LawMaintainability of appeal - whether the CLB was right in law in holding that the appellant had no locus standi under Section 237(b) of the Act - Held that:- It may be open to the CLB to form such an opinion while examining any matter before it, there is no prohibition placed upon it from forming an opinion on the basis of material which is brought to its notice by any person who may not be a member or creditor of the company or in any way connected to the company. Under Section 235(2) the application for investigation can be moved by not less than 200 members or by members holding not less than 1/10th of the total voting power. Section 237(b) does not place any such restriction. There may be several persons other than members of the company who may be in the know of the violations and irregularities or fraudulent practices perpetrated by a company. Those persons, driven by public spirit or public interest, may bring the relevant facts and the material with all the supporting evidence to the notice of the CLB to assist the CLB to suo motu form an opinion as to the existence of circumstances described in the three sub-clauses of clause (b). - decided against appellants.
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