KASHINATH TAPURIAH Vs. INCAB INDUSTRIES LIMITED

JUDGEMENT

(1.) On October 17, 1994, the petitioner filed the above suit for the following reliefs :

(2.) In the plaint it has been alleged, inter alia, as follows : Defendant No. 1 was originally incorporated under the provisions of the Indian Companies Act, 1913, under the name "Indian Cable Co. Ltd." and is now an existing company within the meaning of the provisions of the Companies Act, 1956. In or about January, 1987, the name of defendant No. 1 was changed from Indian Cable Co. Ltd., to its present name and a fresh certificate of incorporation consequent upon the change of name was issued on January 30, 1987. Defendants Nos. 2, 3, 4 and 5 are the directors of defendant No. 1 as nominees of the financial institutions, i.e., Industrial Credit and Investments Corporation of India Ltd. (hereinafter referred to as "the ICICI"), LIC Housing Finance Ltd., Unit Trust of India and National Insurance Co. Ltd., respectively. Defendant No. 6 is a nominee director of defendant No. 7.

(3.) The plaintiff together with his associates holds 35 per cent. shares of in defendant No. 1. The plaintiff became and still continues to be one of the directors and the chairman of the board of directors of defendant No. 1 as nominee of defendant No. 7 by reason of the following.