Padma Khastgir, J. - (1.) Heard on 14th day of Nov. 19S6. Being aggrieved by and dissatisfied with the order passed by the Company Law Board on 31st October, 1985, the instant application has been taken out by Tezpore Tea Company Ltd. and Senapur Panduranga Acharyya under Section 250, sub-section (6) of the Companies Act and by invoking the inherent jurisdiction of this Court under Rules 6 and 9 of the Company Court Rules, 1959 praying inter alia for issuance of various orders including an order vacating and/or setting aside the order passed by the Company Law Board on July 30th, 1985 and August 23rd, 1985. The applicants further prayed that the restrictions originally imposed by the Company Law Board by its order dated February 16, 1985 under Section 250 of the Companies Act do continue and remain in force for a further period of three years with effect from 16th February, 1985 together with an order of injunction restraining the exercise of voting rights and for other consequential reliefs.
(2.) Shaw Wallance & Co. Ltd. since it incorporation had carried on business in India at present having twenty manufacturing units yielding revenue in the year ending 20th June, 1985 to the extent of Rs. 196.78 crores. The broad break up of the equity share capital of Rs. 6 crores is in the manner following:- A. Non-resident: JUDGEMENT_26_LAWS(CAL)11_1986.html B. Resident JUDGEMENT_26_LAWS(CAL)11_1986(1).html
(3.) Those 38.7 percent equity shares hold in the names of R.G. Shaw and Co, Ltd, and its three wholly owned subsidiaries, namely, Shaw Derby & Co. Ltd., Shaw Scott @ Co. Ltd. and Thames Rice Milling Co. Ltd. had been the subject-matter of the proceeding before the Company Law Board R.G. Shaw & Co. was the wholly owned subsidiary of Sime Derby Berhad, a Malayasian Company, in 1984 the Sime Derby was holding through its wholly owned subsidiary 76800 ordinary shares of one pound each in R.G. Shaw. In 1982-83 those shares held by Sime Derby was transferred to Sime Derby Far East Ltd., a wholly owned subsidiary company of Sime Derby Berhad. R.G. Shaw & Co. Ltd: and its subsidiaries did not carry on any business other than holding of shares to the extent of 38.7% in Shaw Wallace & Co.;