TURNER MORRISON LTD Vs. JENSON AND NICHOLSON INDIA LTD

JUDGEMENT

(1.) THE four petitioners herein above, collectively claiming to hold/entitled to hold 18.1 per cent. shares in Jenson and Nicholson (India) Ltd. (company), have filed this petition under Sections 397/398 and 402 and 403 of the Companies Act, 1956, alleging acts of oppression and mismanagement in the affairs of the company.

(2.) When this petition was mentioned we passed certain ex parte interim orders, which we later vacated on an application being made by the company. In the said application, the company has raised certain preliminary objections as to the maintainability of the petition. In view of these objections, we decided to hear arguments on the maintainability of the petition and this order is being issued on the same.

(3.) SHRI Sarkar, senior advocate, appearing for the company, submitted, that the petition is not maintainable on the following grounds :