CHACKOCHAN Vs. FEDERAL BANK

JUDGEMENT

(1.) An application presented under S.397 read with S399 of The Companies Act, 1956 for the following reliefs:-

(2.) The sum and substance of the allegations in the petition is that the Chairman and the Directors in using the machinery of the bank to get their candidates elected as Directors (to fill the vacancies caused on the retirement of Directors by rotation) has conducted the affairs of the company in a manner oppressive to the minority share holders including the petitioners.

(3.) Before I go into the merits of the case, I shall deal with the preliminary point, namely whether the petition is maintainable in law, raised by the company and the other contesting respondents.