VED PARKASH Vs. IRON TRADERS PRIVATE LTD

JUDGEMENT

(1.) THIS is a petition filed by Ved Prakash, Maya Prakash and Satya Prakash sons of Hira Lal and the partnership firm Messrs. Hira Lal and Sons under Ss. 397 and 398 of the Indian Companies act against the company Messrs. Iron Traders (Private) Limited and three persons, respondents nos. 2 to 4, described as de facto Directors of the Company though it is alleged that they had no proper authority to act as such, and two other respondents, Hira Lal the father of the first petitioner and Shiv Charan Lal both of whom are apparently regarded as their supporters by the petitioners. The petitioners claimed to hold a large number of shares in the Company and it was alleged that they were being oppressed by the persons in control of the Company and they therefore sought certain reliefs.

(2.) THE petition was resisted on behalf of the Company by the three respondents who are managing its affairs and who have challenged the locus stand of the petitioners to maintain the petition by denying that they are members of the Company.

(3.) IN the circumstances the following preliminary issues were framed: