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2015 (6) TMI 729 - Board - Companies LawCharges of oppression and mismanagement - Section 397, 398 read with Sections 402 of the Indian Companies Act, 1956 - Several changes in the shareholding pattern and in the composition of the Board of Directors of the Company from time to time by adopting illegal means and without following the provisions of the Companies Act, 1956 - Unexplained delay and lathes in filing application - Held that:- I have come to the conclusion that this company petition is not a bonaflde petition. According to the Petitioners' own case, the alleged acts of oppression and mismanagement were committed in the year 1998-1999. On perusal of the petition, it is further noted that various criminal cases including that of complaints filed under Section 138 of the Negotiable Instrument Act in the year 2000, were filed against the Respondent Nos.2 and 3 with respect to the events and acts since beginning from 1998-1999 purportedly committed by the Respondent No.1. Therefore, it cannot be said that the Petitioners were not aware of these acts. Even, according to the Petitioners' own case, they have also filed a civil suit, bearing Suit No.595 of 2011, in the Court of Civil Judge, Sr. Division, Baroda against the Respondent No.2 and two others to whom the Respondent No.2 has illegally sold the Company's land by misusing forged and fabricating documents. Furthermore, as is seen from the reliefs clause of the petition, the petitioners have sought cancellation of various Returns filed by the Company with the Registrar of Companies in the year 2010 and 2011. This petition came to be filed on 18/07/2014. However, the Petitioners have not offered any sound and convincing reason as to why they approached the CLB after such inordinate lapse of time. It appears that the Petitioners have filed this Petition with ulterior objective with respect to the grievances arising out of the MOU mentioned hereinbefore. On this ground also, the Petition deserves to be dismissed.Petition suffers from acute unexplained delay and lathes. Moreover, the Petition has been filed with collateral purpose. - Application not accepted & accordingly disposed off.
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