Ruma Pal, J. - (1.) Leave granted.
(2.) This appeal arises out of proceedings initiated under Sections 397 and 398 of the Companies Act (hereinafter referred to as the Act) by a group of minority shareholders complaining of mismanagement and oppression in respect of the respondent No.1 company M/s. Gwalior Sugar Company Ltd. (referred to as the Company). The appellants are the unsuccessful petitioners. The primary question to be resolved in this appeal is whether they held the requisite one-tenth of the issued share capital of the Company under Section 399 (1) of the Act when they filed the petition under Sections 397 and 398.
(3.) The shares of the Company are basically held by two branches of the family of J.P. Srivastava. J.K. Srivastava, who was originally the petitioner No.4, and H.K. Srivastava who was originally the respondent No.2, were the two sons of J.P. Srivastava. During the pendency of the proceedings before us, both J.K. Srivastava and H.K. Srivastava have died and are now represented by their respective heirs. In the case of J.K. Srivastava, his interest is now represented by his widow Mrs. Raj Mohini Srivastava and his only son Vijay Kumar Srivastava. As far as H.K. Srivastava is concerned, he is represented by his four children, Vikram, Hemlata, Vir and Radhika. The corporate shareholders in the Company are in turn also held by members of the Srivastava family. Mrs. Nini Srivastava, appellant No.3, the wife of Vijay Srivastava, was the third petitioner in the proceedings as originally filed. She was described as a petitioner for herself and as trustee for J.K. Srivastava Family Trust (referred hereafter as the Trust).;