TMI Blog1994 (3) TMI 395X X X X Extracts X X X X X X X X Extracts X X X X ..... gement in the conduct of the affairs of Vikron Fashions Pvt. Ltd. and Vikron Resorts Pvt. Ltd. Along with the petitions, two applications have also been filed seeking certain interim reliefs. Ms. Nalini Chidambaram, senior advocate appearing on behalf of the petitioners, stated that the petitioners are 50 per cent stake-holders in each of the two companies. She also gave an over-view of the allegations in the petitions and prayed for interim reliefs sought for. Shri A.N. Haksar, senior advocate appearing on behalf of the respondents, raised a preliminary objection that the powers of attorney executed by the petitioners do not give power to the holder to file these petitions and as such these petitions should be dismissed in limine. Accordin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the powers of attorney that the power of attorney holder is authorised to file any petition seeking to enforce the rights of the petitioners as members by way of filing these petitions. We have also not been able to construe from the power of attorney any provision relating to vesting with the powers of attorney holder the power to move the instant petitions. 2. In this connection, it is relevant to recall the decision of the Division Bench of the Bombay High Court in Killick Nixon Ltd. v. Bank of India [1985] 57 Comp Cas 831 in which the contents and the scope of a power of attorney have been dealt with in detail in relation to the right of the power of attorney holder to file a petition under Section 397/398 of the Companies Act. In t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hidambaram, however, drew our attention to Clause 19 of the power of attorney, a general clause, which reads as follows : 19. Generally to act as the attorney in relation to my business, firms and companies mentioned above in which I am a partner and the companies in which I am managing director, director and shareholder and in any matter in which I may be interested or concerned and on behalf of the business to execute and to do all deeds, acts and things as fully and effectually in all respects as I would do if personally present. And I, hereby declare that all acts, deeds, and things lawfully done by the said attorney shall be construed as acts, deeds, and things done by me and I undertake to ratify and confirm all and whatsoever the ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
