- (1.) The question of law involved in this appeal under Section 10F of the Companies Act, 1956, is whether a company petition filed in the Company Law Board under, inter alia, Sections 397 and 398 of the Companies Act, 1956, after withdrawal of a comprehensive suit, covering the allegations made in the company petition to a substantial extent, is not maintainable, if the civil court has declined leave to the Plaintiff to institute a fresh suit in respect of the same cause of action.
(2.) This appeal is against an order dated July 27, 1998, passed by the Company Law Board, Principal Bench, New Delhi dismissing the application of the Appellant being C.P. No. 35 of 1993 (Pradip Kumar Sengupta v. Titan Engineering Co. P. Ltd., 1998 94 CompCas 825) and the connected applications being C.A. No. 160 of 1993, C.A. No. 134 of 1996 and C.A. No. 237 of 1997, filed under Sections 397, 398, 399, 402 and 403 of the Companies Act, 1956, on the preliminary ground of withdrawal of Title Suit No. 24 of 1993, without leave to file a fresh suit.
(3.) The Appellants who claim to be one-third shareholders of the Respondent-company, Titan Engineering Co. P. Ltd., which is hereinafter referred to as the company, filed Company Petition No. 395 of 1993 before the Company Law Board on April 30, 1993, under Sections 397, 398, 399, 402 and 403 of the Companies Act, 1956, against the Respondents, alleging acts of oppression and mismanagement in the affairs of the company.;