ARIJIT BANERJEE,J. - (1.) Company Petition No. 611 of 1998 filed under Sections 155, 237, 397, 398, 399, 402, 403 and 406 of the Companies Act, 1956 along with connected applications have been assigned to me by the Hon'ble The Chief Justice for hearing and disposal. At the very outset the question arose as to whether or not the High Court still has jurisdiction to hear and dispose of the said company petition in view of Section 434 of the Companies Act, 2013, (hereinafter referred to as 'the 2013 Act') having come into force recently. Hence, I requested the learned Counsel for the parties to address me on this preliminary issue since I was of the opinion that if I take the view that the High Court no more has jurisdiction to hear the said company petition, it would be a futile exercise and waste of time of all concerned to hear the parties on the merits of the case.
(2.) Mr. S.B. Mookherjee, Learned Sr. Counsel appearing for the petitioners submitted that the High Court retains jurisdiction to hear the said company petition which is essentially in the nature of a proceeding based on alleged mismanagement of the affairs of a company by the name of India Steam Laundry (P) Ltd. and alleged oppression of the petitioner shareholders by the shareholders in control of the affairs of the company.
(3.) Mr. Mookherjee referred to Section 68 of the Companies (Amendment) Act, 1988 (hereinafter referred to as 'the 1988 Amendment Act'). Section 68 (1) of the 1988 Act which is relevant for the present purpose, reads as follows:- "S. 68. Transitional provisions.-(1) Any matter or proceeding which, immediately before the commencement of the Companies (Amendment) Act, 1988 was pending before any Court shall, notwithstanding that such matter of proceeding would be heard by the Company Law Board after such commencement, be continued and disposed of by that Court after such commencement in accordance with the provisions of the principal Act as they stood immediately before such commencement." Mr. Mookherjee pointed out that the 1988 Act came into force on 31 May, 1991. On that date the present company petition was pending, having been instituted in the year 1988. Hence, by virtue of Section 68(1), the said company petition has to be decided by this Court.;