ASLAM M. ALI Vs. NARBADA VALLEY (P.) LTD.

JUDGEMENT

(1.) THE above captioned company petition is filed by the petitioner by invoking the provisions contained in sections 397 and 398 read with section 402 of the Companies Act, 1956 ('the Act') alleging certain acts of oppression and mismanagement in the affairs of R1 -company by the respondent Nos. 2 to 5. The petitioner has sought various reliefs as contained in the petition. The facts as set out in the petition may be summarised as under:

(2.) THE respondents appeared and filed their joint reply. In their reply, the respondents have challenged the maintainability of the petition and sought dismissal at the threshold stage on various grounds which shall be discussed hereinafter in detail. The respondents have also denied having committed any act of oppression or mismanagement in the affairs of the R1 -company. However, they admitted the fact of investment made by the petitioner during the period of financial crisis faced by R1 -company. Based on their reply, the respondents have prayed to dismiss the petition.

(3.) THE learned practising company secretary ('PCS') appearing for the respondents has raised the preliminary objections, thereby challenging the maintainability of the petition and sought it's dismissal on the following grounds: