D K OSWAL Vs. AKSHAY FINANCE

JUDGEMENT

(1.) Allowed, subject to all just exceptions. CA 685 & 686/2002 in CP 21/1986.

(2.) Chandiok, Learned Senior Counsel for the Respondents, states that the applications may be allowed, subject to all just exceptions. Ordered accordingly. The amended applications are taken on record. CA 639/2002, 640/2002,707/2002 in CP 21/1986

(3.) In order to fully appreciate the facts and issues that have been brought into focus in the context of the reliefs prayed for these applications, it is necessary to make a precis of the annals of this family litigation. Shri D.K.Oswal filed Petitions CP Nos. 21/1986 to 26/1986 under Section 155 of the Companies Act, 1956 read with Rule 9 of the Company (Courts) Rules, for the rectification of the Register of Members of the Companies which were controlled by the Oswal family. These Companies were Akshay Finance and Trading Company, Paras Finance and Trading Company, Arihant Investment and Trading Co., Victor Investment and Mercantile Co., Ambar Investment and Mercantile Co. and Adinath Investment and Trading Company. At that point of time four Public Limited Companies were also under the Oswal Family's management, i.e. M/s. Vardhman Spinning & General Mills Limited, Mahavir Spinning Mills Ltd., Sriyans Paper Mills Ltd. and Adinath Textiles Limited. It is not in dispute that Vardhman Polytex was not in existence in 1987 and was, therefore, not within the purview of those Company Petitions. In those petitions the father of the Petitioner, namely late Shri R.C. Oswal, and the Petitioner's two brothers A.K. Oswal and S.P. Oswal were arrayed as Respondents. They put up a common response/defence in all the petitions.