C.G. HOLDINGS PRIVATE LIMITED, Vs. CHERAN ENTERPRISES PRIVATE LIMITED AND ORS.

JUDGEMENT

(1.) THE first company petition (C.P. No. 65 of 2005) has been filed by M/s. C.G. Holdings Private Limited, (C.G. Holdings), represented by its director and authorised signatory, namely, K.C. Palanisamy (KCP) with 45% of the issued, subscribed and paid -up capital of M/s. Cheran Enterprises Private Limited ("CEPL") invoking the jurisdiction of Sections 397, 398, 402 and 403 of the Companies Act, 1956 ("the Act") on account of certain purported acts of oppression and mis -management in the affairs of CEPL, by breach of a Joint Venture Agreement (JVA) dated 30.01.2004, on the part of the respondents 2 to 6 herein, and claiming the following reliefs:

(2.) THE second company petition (C.P. No. 76 of 2005) has been filed by M/S. O.R.E. Holdings Limited, (ORE) holding 45% of the issued capital of M/s Cheran Enterprises Private Limited, (CEPL") under Sections 397, 398, 399, 402 and 403 of the Companies Act, 1956 ("the Act") on account of the alleged acts of oppression and mismanagement indulged by K.C. Palanisamy, in the affairs of CEPL, seeking the following reliefs:

(3.) SHRI H. Karthik Seshadri, learned Counsel, while initiating his arguments, in support of C.G. Holdings and KCP, submitted: