D. VICTOR SAMUEL Vs. PRETECHPLAST (P.) LTD.

JUDGEMENT

(1.) This appeal is filed by the petitioner in Company Application No. 107/2011 on the file of the Company Law Board, Chennai Bench, being aggrieved by the order dated 11-5-2011 wherein the Company Law Board has declined to grant the interim prayer sought for by the appellant herein. However, has observed that convening of the EGM and decision taken shall be subject to the outcome of the Company Petition.

(2.) The appellant herein filed the Company Application under Regulation 44 of the Company Law Board Regulations, 1991, seeking to restrain the respondents from removing the petitioner as a Director from the Board of the respondent-company under section 284(3) of the Companies Act in the proposed EGM to be convened on 12-5-2011 I was the contention of the appellant in the application that the whole process adopted by the respondent-Company is an attempt to remove the minority shareholder from exercising his right as a Director and the provisions of section 284 had not been followed and that the Board resolution convening the Extraordinary General Meeting is illegal and therefore, filed the application for the above said reliefs.

(3.) The resolution Agenda for removing the appellant from the Board of Directors was placed before the Company Law Board. The Company Law Board having narrated the facts of the case, found that having regard to the material on record, notice of requisite time has been issued and felt that this is not a fit case for granting interim order as sought for. However, it observed that the decision taken therein in the Extraordinary General Body Meeting shall be subject to the outcome of the Company Petition.