RAJIV KANT LAXMAN Vs. BOBBY ELECTRONICS (P.) LTD.

JUDGEMENT

(1.) THE petitioner has filed this petition by invoking the jurisdiction of this Board conferred upon it by virtue of sections 111, 397 and 398 read with sections 399, 402, 403 and 406 of the Companies Act, 1956 ('the Act') alleging certain acts of oppression and mismanagement by the respondents in the affairs of the R1 -company.

(2.) The petitioner has sought various reliefs as contained in the relief clause of the petition. The facts as set out in the petition may be summarized as follows:

(3.) ON merits, it is pleaded that the petitioner was never appointed as a director as alleged. The respondents have also denied the entire allegation made by the petitioner relating to alleged oppression and mismanagement in the affairs of the R1 -company. It is further averred that alternation in share capital of R1 -company and issuing additional shares in favour of R2 was made in the paramount interest of the company in accordance with law. Further, by the allotment of impugned shares to R2 and R3, the respondents have never diluted the shareholding of the petitioner. The allegation of the petitioner that respondents failed to comply with the formalities of the RoC and or did not give statutory records of the R1 -company has been denied by them.