V L PAHADE Vs. VINAY L DESHPANDE

JUDGEMENT

(1.) These two appeals arise out of a judgment delivered in Company Petition No.9 of 1981 by the learned single Judge of this Court on a petition under Section 155 of the Companies Act (for short 'the Act').

(2.) In OSA No.25 of 19S9, the appellants are respondent No.3 and respondent Nos.9 to 14 in the Company Petition. In OSA No.26 of 1989 the appellants are respondents 1 and 2 in the Company Petition. The parties are referred to in this appeal as have been referred to in the Company Petition.

(3.) Respondent No. 1 was the Company of which respondent No.2 was the Managing Director. Respondent Nos. 3 to 6 were the Directors of the Company. Respondent No. 7 was one of the share-holders holding 1250 shares of the face value of Rs.100.00each of the respondent No. 1-Company. Respondent No.8 is A.P. Industrial Development Corporation (hereinafter referred to as the 'Corporation'). Respondent No.2 and respondent No.8 were the co-promoters of respondent No. 1-Company.