BALAJI TEXTILE MILLS PVT LTD Vs. ASHOK KAVLE

JUDGEMENT

(1.) This appeal arises against the order of the learned Company Judge in Company Petition No. 8/82 on a preliminary objection raised by the appellants based on the provisions of Section 41 of the Companies Act, 1956 (for short'the Act'). The parties are referred to in this appeal by the position assigned to them in the Company Petition.

(2.) The petitioners who are shareholders of Respondent-1-Company had filed a petition under the provisions of Sections 397 and 398 of the Act against respondent-1, the Company and respondent-2, the Ex-Director of the 1st respondent-Company. The registrar of Companies and also the Chartered Accountants Messrs. M. R. Narayan & Company, were arrayed as respondents-3 and 4 in view of certain allegations made against them by the petitioners. It is not necessary to go into the various acts of oppression and mis-management alleged by the petitioners in the Company Petition since they are not the subject-matter for consideration in this appeal.

(3.) In the statement of objections filed by the respondents, a plea was taken that the petition is not maintainable in view of the fact that the membership of the petitioners in the 1st respondent- Company is not in accordance with the requirements of Section 41 of the Act. It should be noticed at this stage that in the statement of objections filed by respondents 1 and 2 they have stated amongst other things.