PATRAKOLA TEA CO LTD Vs. STATE

JUDGEMENT

(1.) The Petitioner is a shareholder of the Patrakola Tea Company Limited. On or about the 2nd March, 1966, the petitioner received a letter dated the 21st February, 1966, from the firm of G.M. Pyne, who are brokers in the Calcutta Stock Exchange. The material portions of the letter are as follows :-

(2.) In the cause title of the petition reference has been made to Section 395 of the Companies Act 1956. The relevant portions of this section are as follows :-

(3.) Mr. Chakravarti appearing for the petitioner submitted that on receipt of the said letter dated the 21st February, 1966, his client became apprehensive and made this application under Section 395 of the Act to prevent M/s. Munnalal Bhalotia and Company from acquiring his shares.