Rajeswara Rao Vittanala, Member - (1.) The Company Petition bearing C.P. No. 26 of 2013 was filed by Dr. S. Gopinath and 4 others (hereinafter referred as Petitioners) before the then Hon'ble Company Law Board, Chennai Bench, Chennai (CLB) and the same was initially taken up for hearing on 18.4.2013. The CLB has passed several miscellaneous/interlocutory orders in the case, and it was pending when the constitution of NCLT was notified by the Government of India. Accordingly, the case is transferred to this Bench in the month of July, 2016 as the case relates to the states of Andhra Pradesh and Telangana. Hence, we have taken the case on record of this Bench.
(2.) After the transfer, this Bench listed the case on various dates such as 01.8.2016, 17.08.2016, 17.09.2016, 17.10.2016, 17.11.2016, 30.11.2016 and 14.12.2016. However, the case stands adjourned on the above dates, as both the parties are not represented/asked for adjournments, etc. Ultimately, the case was taken up for final hearing on 15.12.2016, as both the counsels got ready to argue the case.
(3.) The Company Petition was filed under Section 397, 398, 399, 402 and 403 of the Companies Act, 1956, by inter alia seeking to declare the acts of 2nd Respondent in managing the affairs of Respondent No. 1 Company, and denying the rightful due of the Petitioners in the 1st Respondent Company is oppressive and amounts to mismanagement of the affairs of the 1st Respondent Company; to declare the shares issued after 2006 as illegal and void, etc.;