- (1.) The Court : This is an application under sections 237, 397, 398, 402, 403 and 406 of the Companies Act 1956 (referred to as the Act). Of the six petitioners petitioner Nos. 1, 2, 3 together with respondent No.4 are trustees of a public charitable Trust. The said petitioners and the respondent No. 4 are shareholders in Power Tools and Appliances Co. Ltd. (herein after referred to as the Company) as trustees of the said Trust. The total shareholding of the petitioners in the company is 28,200 of which 24,700 equity shares are held by the Trustees. The respondent Nos. 2, 3, 4 and 5 are representing the present directors of the Board of the Company. These respondents hold about 75 per cent of the shares in the company.
(2.) Allegations of oppression and mismanagement have been made against the management of the Company by the petitioner. The petitioners have asked inter alia that the Board of Directors be superseded.
(3.) The admitted facts of the case are : The authorised capital of the Company is Rs. 25,00,000/- divided into 2,20,000 of Equity Shares of Rs. 10/- each and 3,000 of 12% Cumulative Redeemable Preference shares of Rs. 100/- each. The paid up capital of the Company is Rs. 16,18,760/-.;