- (1.) This appeal under section 10(f) of Companies Act, 1956 is against an order dated 25th August, 2002 passed by the learned Company Law Board in Company Petition No.56 of 1998 filed by the respondent against tile Appellants under sections 397, 398, 403 and 409 of the Companies Act, 1956.
(2.) In the said company petition, the Respondent complained of various alleged acts of mismanagement and oppression on the part of the appellants including transfer of property of the Appellant No. 7 (hereinafter referred to as the company) at Gharsuguda, in the name of the Appellant Nos. 3 and 4, failure to submit balance sheets of the company with the Registrar of Companies, failure to deposit Employees State Insurance and Provident Fund contributions of the workers, siphoning of assets of the company, fraudulent transfer of the immovable properties of the company to one D.N. Mehta in flagrant disregard of the terms of settlement submitted in this Court in Suit No. 261 of 1974 and Company Petition No. 263 of 1973 and also entering negotiations for transfer of shares to the said D.N. Mehta in contravention of the said Terms of Settlement.
(3.) The appellants appear to have filed an Affidavit-in-Opposition denying the allegations of mismanagement and oppression. The appellants contended that the company petition filed by the Respondent was liable to be dismissed since the respondent had also filed a suit before the learned City Civil Court at Calcutta being TS No. 2278 of 1996 against the same parties involving matters which are directly and substantially in issue in the company petition.;