K NARAIN DAS Vs. BRISTOL GRILL PVT LTD

JUDGEMENT

(1.) THIS is a petition filed under Section 397/398 of the Companies Act, 1956, by Shri K. Naraindas, a shareholder holding 25 per cent. of the paid up capital in Bristol Grill Private Ltd. (company), alleging acts of oppression and mismanagement in the affairs of the company.

(2.) A summary of the petition is as follows :

(3.) AS far as utilisation of Rs. 32 lakhs, Rs. 18 lakhs and Rs. 10 lakhs is concerned, it is averred that the entire amount was spent to meet the liability of the company and that too on the basis of resolutions passed by the Board at which the petitioner was present and he has also signed the minutes. Therefore, it is wrong to allege that there was siphoning off of funds.