VISHNU PRATAP Vs. SM REVATI DEVI

JUDGEMENT

(1.) This appeal has been filed by some of the opposite parties against whom an order was made by the learned Company Judge under Section 153 CO (8), Companies Act (VII of 1913). A preliminary objection has been raised on behalf of the applicant respondent 1 that no appeal lies.

(2.) We have confined the arguments only to the preliminary objection and, it is, therefore, not necessary to go into the facts in any detail. Rani Revati Devi filed an application in this Court under Section 153(C), Companies Act in the matter of the Vishnu Pracap Sugar Works Limited, Khadda, District Deoria. She claimed that the company was a private Ltd. Co. with a capital of Rs. 8,50,000/-, divided in 1,700 fully paid up shares of Rs. 500/- each, and most of the shares of the company were held by members of the Fadrauna Rai family. She alleged that she was a share-holder and managing director of the company and that opposite parties 2 to 4 supported by opposite parties 6 1o 8, and committed various acts of misfeasance, malfeasance and mismanagement and had so conducted the affairs of the company as to promote their personal ends at the cost of the company and its other shareholders. It was further alleged that the opposite parties mentioned above having the majority of votes are in a position to oppress the minority. She claimed that the circumstances set out by her in the petition are such as would justify the winding up of the company under the just and equitable Clause (vi) of Section 162 Companies Act but, instead of asking for that relief, she wanted that the Court should pass orders for the regulation of the conduct of the company's affairs in future and pass such other and further orders detailed In the petition as may be necessary for the proper running of the company in the interest of all concerned.

(3.) In the same petition a prayer was made for an interim order under Section 153 (C)(8) which was as follows: "That pending the hearing and final disposal of this petition the applicant or some other fit and proper person be appointed as receiver to take charge of the properties, assets, books of account, papers and vouchers of the company, with power to carry on the business of the company and with all other powers under Order 40, Rule l, Civil P. C." The petition was supported by a long affidavit and, on notice being issued to the opposite parties, they appeared and filed objections to which the petitioner filed replies.