Vijai Pratap Singh, Member - (1.) The present Company Petition has been filed by the Petitioner on the grounds of oppression and mismanagement-Brief facts as per the Petitioner are that his rights as a shareholder in the company M/s. Digha Seafood Export Private Limited have been adversely affected by the other shareholders.
(2.) The company carries on the business of processing and export of seafood among other things. The Petitioner is the owner of Milsha Agro Exports Private Limited, Milsha Sea Products and Sarveshwary Exports Private Limited, and has been in like business for more than 35 years. On 6th September, 1999 the partnership firm "Digha Seafood Exports" was formed. Petitioner and Respondent No. 3 became partners in the firm. Later on, Respondent No. 2 was inducted as the working partner in the firm, with remuneration and salary, at the request of the Petitioner.
(3.) The Petitioner acquired bank finances through personal guarantees and furnishing collateral securities for the firm. At the request of the Respondent No. 2 and 3 the said firm was converted to a private limited company on 31st March, 2008, keeping the partnership nature of the company for better prospect and with the same profit and loss sharing ratio in the firm which was in the ratio of 40:40:20 of the Petitioner, Respondent No. 3 and Respondent No. 2 respectively.;