NISCHINTAPUR TEA CO LTD Vs. SUBRATA SEN

JUDGEMENT

(1.) AN application under Section 397 and 398 of the Companies Act, 1956 (hereinafter the Act) was filed in this court way back in 1985. It was numbered as C.P. No. 252 of 1985. It is still pending. The petitioner in that application was one Amita Sen, who has since died. In her place, her three sons Subrata, Ranjan and Sanjay are now substituted as petitioners being petitioner nos. 1.(a), (b) and (c).

(2.) TWO applications were heard by me for several days. They were most seriously contested. One of them (C.A. No. 686 of 2010) was an application by the company for dismissal of the Section 397, 398 application. One Ajit Kumar Agarwal, opposed this application as an intervenor. It was strenuously argued on his behalf that the company should not be granted the prayers. Neither, the petitioners in the Section 397, 398 application should be allowed to withdraw from the application. He made an application (C.A. No. 721 of 2010)for dismissal of C.A. 686 of 2010.

(3.) THE whole dispute between the parties concerns the Company, Nischintapur Tea Company Ltd. It was incorporated on 12th February, 1950. Sometime in 1985, the said application under Section 397, 398 of the Act was made by Amita Sen. She stated that she was the registered holder of 3472 equity shares of the company which was 15.10% of its total paid up capital. She had the support of other shareholders who held 7.11% of the total paid up capital. THEy were six in number and held 1635 shares as stated in paragraph 7(i) of the Section 397, 398 petition. THErefore, the petitioner and the shareholders supporting her had together 5107 shares.