- (1.) Heard on 13.01.2017, 03.02.2017, 15.02.2017 and 20.03.2017 Originally Company Petition No. 50/2011 was filed before the Company Law Board, Southern Region, Chennai. Consequent upon the establishment of National Company Law Tribunal, Bengaluru Bench, Bengaluru, and consequent upon abolition of Company Law Board, C.P. No. 50/11 was transferred from Company Law Board to this Tribunal and it was renumbered as T.P. No. 30/2016.
(2.) The C.P. was filed under Sections 397 and 398 of Companies Act, 1956, corresponding to Section 241 and 242 of Companies Act, 2013. Originally, 8 petitioners jointly filed this petition against the respondents alleging certain acts of oppression and mismanagement. During the pendency of the petition, petitioners No. 2, 3 and 7 have voluntarily withdrawn from the petition. The first petitioner died on 25.03.2014. Now, there are only four petitioners viz., Petitioners No. 4, 5, 6 and 8.
(3.) The averments in the Company Petition are briefly described hereunder:;