V.P. Singh, Member - (1.) The present company petition C.P. No. 191 of 2007 has been filed before this Tribunal by the Petitioners Asiatic Oxygen Limited and others who have alleged acts of oppression and mismanagement against the Respondents BSIDC and others, on multiple accounts.
(2.) The companies BSIDC and Asiatic Oxygen Limited formed a company in pursuance of a Financial Collaboration Agreement dated 25th January, 1975. BSIDC is a company wholly owned by the State Government of Bihar. The company that was formed as a result of the Financial Collaboration Agreement was Bihar Air Products Ltd. (BAPL) which was a public listed company.
(3.) The brief facts of this case are that under the Financial Collaboration Agreement on 25th January, 1975 and as on 25th March, 1975 on which BAPL was incorporated, the shareholding of the Petitioners was 25% and Respondents was 26%. After the Public offer made on 9th November, 1977, the Petitioner's shareholding became 38.24% and the Respondent's shareholding became 32.24%. The shareholding pattern of BAPL in 1977 was, the Petitioners held 38.45%, BSIDC held 32.24%, IDBI held 14.85%, Bihar State Credit & Investment Corporation of India (BICICO) held 9.16%, IFCI held 4.95%, and the general public: 0.35%. After BSIDC (Respondents) acquired IDBI shares in November 1992, BSIDC shareholding became 47.09% (32.24% + 14.85%). However, this transfer was contested by the Petitioners. On 2nd August, 2007, the Respondents decided to sell their shareholding to M/s. Anjaneya. At present, the Respondents contend they do not want to part with their shareholding anymore.;