Shyamal Kumar Sen, J. - (1.) On October 17, 1994, the petitioner filed the above suit for the following reliefs : (a) A declaration that the plaintiff has been, still is and continues to be the chairman of the board of directors of defendant No. 1. (b) A declaration that a meeting of the board of directors of defendant No. 1, scheduled on October 5, 1994, was adjourned without transacting any business and no matter was discussed and no resolution was passed for the removal of the plaintiff as chairman of the board of directors of defendant No. 1. (c) A declaration that the alleged minutes of the alleged board meeting dated October 5, 1994, of defendant No. 1 pertaining to the purported removal of the plaintiff from the chairmanship of the board of directors of defendant No. 1 is bad, null and void, cannot be given effect to and is not binding on the plaintiff and defendant No, 1. (d) A perpetual injunction restraining defendants Nos. 1 to 5 their servants, agents and assigns from giving any effect or further effect to or acting or further acting in furtherance of the purported resolution dated October 5, 1994, of defendant No. 1, being annexures 'M' and 'N', respectively hereto in any manner whatsoever. (e) A perpetual injunction restraining defendants Nos. 1 to 5, their servants, agents and assigns from asserting in any manner whatsoever that the plaintiff has ceased to be the chairman and/or removed from the chairmanship of the board of directors of defendant No. 1. (f) The alleged minutes of the alleged board meeting of defendant No. 1 held on October 5, 1994, and the purported letter dated October 6, 1994, being annexures 'M' and 'N', respectively hereto be delivered and cancelled. (g) Temporary injunction. (h) Receiver. (i) Attachment. (j) Costs. (k) Further and/or other reliefs.
(2.) In the plaint it has been alleged, inter alia, as follows : Defendant No. 1 was originally incorporated under the provisions of the Indian Companies Act, 1913, under the name "Indian Cable Co. Ltd." and is now an existing company within the meaning of the provisions of the Companies Act, 1956. In or about January, 1987, the name of defendant No. 1 was changed from Indian Cable Co. Ltd., to its present name and a fresh certificate of incorporation consequent upon the change of name was issued on January 30, 1987. Defendants Nos. 2, 3, 4 and 5 are the directors of defendant No. 1 as nominees of the financial institutions, i.e., Industrial Credit and Investments Corporation of India Ltd. (hereinafter referred to as "the ICICI"), LIC Housing Finance Ltd., Unit Trust of India and National Insurance Co. Ltd., respectively. Defendant No. 6 is a nominee director of defendant No. 7.
(3.) The plaintiff together with his associates holds 35 per cent. shares of in defendant No. 1. The plaintiff became and still continues to be one of the directors and the chairman of the board of directors of defendant No. 1 as nominee of defendant No. 7 by reason of the following.;