CHANDRAKANT RANCHHODBHAI PATEL Vs. ELECTRONIC MANUFACTURING AND DESIGN SERVICES INDIA P. LTD. AND OTHERS

JUDGEMENT

(1.) This is an appeal by the company petitioner in Company Petition No. 7 of 2012 before the Company Law Board, Additional Principal Bench, Southern Region, Chennai. The company petition had been presented under sections 111(4), 397 and 398 of the Companies Act, 1956, alleging acts of oppression and mismanagement on the part of majority shareholders and also acts of mismanagement on the part of other persons in the board of management particularly in passing the resolution for not only co-opting and continuing the third respondent as a director but also to remove the petitioner who was an existing director, from the directorship of the company in terms of the board resolution, passed in the extraordinary general body meeting held on January 23, 2012.

(2.) It is in this background, the company petition has been presented and the company petitioner had also made an application and had sought for an interim relief to the following effect :

(3.) The Board after hearing the parties and their counsel, while declined to grant the prayer as sought for by the company petitioner, however, made removal of the petitioner from the directorship and also the co-opting of other person as a director subject to final result of the company petition and with the hope that the main petition itself would be disposed of within a couple of weeks.