UDDHAO DATTARAO NAGRE Vs. JIJAMATA SUGARS (P.) LTD. AND ORS.

JUDGEMENT

(1.) THE petitioner who claims to be the founder director of the respondent No. 1 -company originally holding 5,000 equity shares, i.e., 50 per cent of the paid -up share capital of the company as per its original memorandum and articles of association has invoked the jurisdiction of the Board by way of filing the above captioned company petition under sections 397 and 398 read with section 402 of the Companies Act, 1956 ('the Act'). The petitioner has alleged various acts of oppression and mismanagement, purportedly committed by the respondent Nos. 2 to 5 in the affairs of the respondent No. 1 -company and has sought reliefs as contained in the petition. The facts of the case, as set out in the petition, may be summarised as under:

(2.) THE respondent Nos. 1 to 5 appeared and filed their joint reply. In their reply, they have initially challenged the maintainability of the petition. They further denied all the allegations made by the petitioner with respect to the alleged acts of oppression and mismanagement against the answering respondents. Justifying their actions, the respondents have sought dismissal of the petition.

(3.) I have heard the learned PCS appearing for the respective parties and perused the record. I have also gone through the written submissions filed by the respective parties.