G.R. SINGHAL Vs. TAURUS ENGLOBE LTD.

JUDGEMENT

(1.) RESPONDENT No. 3 Sh. Vilas Gupta has filed an application C.A. No. 85/2009 for dismissal of C.P. No. 83/2009 on the ground that the petitioners not being the members of Taurus Englobe Ltd., in short the company, do not have the right to apply under section 399 of the Companies Act, 1956 ('the Act'). Taurus Englobe Ltd. (R -1) is the company in which the petitioners have alleged acts of oppression and mismanagement by the respondents. The family business of the parties comprises of (a) Taurus India Ltd., (b) Taurus Polymers (P.) Ltd., and (c) Taurus Englobe Ltd. Sh. Pawan Singhal P2, Sh. Kishan Gupta R -2 and Sh. Vilas Gupta R -3 are the sons of Sh. G.R. Singhal P -1. Admittedly in a previous C.P. No. 31/2007 filed by Sh. Vilas Gupta R -2 herein on 28th March, 2007 a family settlement dated 28th April, 2007 was reached between the parties herein. Clause 2(iv) of the family settlement provided as under:

(2.) ON 1st May, 2007 C.P. No. 31/2007 was disposed of in terms of the memorandum of family statement ('MFS') by a consent order.

(3.) AT the request of Sh. Vilas Gupta the meeting to be held on 4th March, 2008 was rescheduled for 7th March, 2008. Proceedings on 7th March, 2008 were recorded as under: