SANJIB BANERJEE,J. - (1.) These four appeals under Section 10F of the Companies Act, 1956 pertain to company Pragati 47 Development Limited. Pratagi 47 Development Limited was, at one point of time, a major shareholder of Bengal Aerotropolis Project Limited (BAPL), holding about 35.52 per cent of its paid-up capital. Twelve per cent of the shares in BAPL were held by Pragati directly and another 23.52 per cent shares were held through subsidiary Pragati Social Infrastructure Development Limited.
(2.) The major shareholders in parent Pragati were an Agarwal couple and a Ghosh couple holding 23.11 per cent shares each and a Mauritius company holding 47.5 per cent therein. Upon disputes arising pertaining to parent Pragati, both the Agarwals and the Ghoshes filed petitions under Sections 397 and 398 of the Act of 1956. At the relevant point of time, there was no Agarwal nominee or representation on the board of parent Pragati and the Ghoshes were in control of the board.
(3.) These four appeals have been filed by the Agarwals, two in the name of the company by the Agarwals claiming to be entitled to represent the company and the other two in their individual capacity as the parties to the two sets of petitions under Sections 397 / 398 of the Act of 1956. Though it appears that four orders were passed on November 2, 2015 on four applications, the order, in essence, is one.;