MANOHAR RAJARAM CHHABARIA Vs. UNION OF INDIA

JUDGEMENT

(1.) -These five appeals are all directed against the judgment and order of the Company Law Board dated 27th July, 1998 and have, therefore, being heard analogously and are being disposed of by this common judgment and order.

(2.) Brief facts leading to the filing of the instant appeals are that; proceedings were instituted by the Employees' Federation i.e. employees-shareholders under sections 235, 237, 397 and 398 of the Companies Act, 1956 before the Company Law Board; the Central Government also supported the said petition by filing an affidavit; in the said affidavit filed on behalf of the Central Government, reference was also made to the Company Petition No. 46 of 1996 filed by Central Government before the Company Law Board under section 408 of the Companies Act, 1956. The Central Government had earlier conducted an inspection under section 209A and this report allegedly brought out certain financial mismanagement in the affairs of the M/s. Shaw Wallace Co. Ltd.

(3.) The petition under sections 397/398 and the Central Government's petition under section 402 of the Companies Act were heard together by the Company Law Board and disposed of by an order dated 27th July, 1998 which has been impugned in the present appeals.