RAMESH B DESAI Vs. BIPIN VADILAL MEHTA

JUDGEMENT

(1.) This appeal is filed against the Order passed on 12-3-1996 by learned Company Judge allowing the Company Application No. 113 of 1995 and dismissing Company Petition No. 35 of 1988 being barred by law of limitation.

(2.) By filing Company Petition No. 35 of 1988, the Company Court was moved at the instance of R. B. Desai & Others for rectification of the register of the Company. Respondent Nos. 2 and 3, by taking out the Company Application No. 113 of 1995 sought for an order to the effect that Company Petition No. 35 of 1988 be dismissed on the ground that petition is barred by limitation, without going into the merits of the petition. The said respondents prayed for other reliefs which are reproduced in the judgment, and as the same are not relevant for the purpose of deciding this appeal, we are not referring to the same.

(3.) The petitioners in Company Petition No. 35 of 1988, are the shareholders of Messrs. Sayaji Industries Limited (hereinafter referred to as the Company) came before the Company Court indicating that they are interested in the proper functioning and management of the Company and have filed the petition for proper utilisation and application of the funds and assets of the Company. It was alleged that respondent No. 2, Bipin Vadilal Mehta was inducted as an Additional Director of the Company on 18-2-1982 and was appointed as Managing Director on the same date. As stated by the petitioners, one Priyam Bipin Mehta was inducted in the management of the Company from January 1982.