NARENDRA KUMAR CHITLANGIA AND ORS. Vs. BENGAL PAILAN PARK INFRASTRUCTURE DEVELOPMENT CORPN. LTD. AND ORS.

JUDGEMENT

(1.) THE Petitioners filed this CP against Respondents u/s. 397 & 398 of Companies Act 1956 alleging that the conduct of R2 to 11 is prejudicial to the interest of the Petitioners.

(2.) For having the Respondents in the management not allotted shares to the Petitioners and R12 to 14 to the capital brought into the company in the year 2008, and for having the answering Respondents siphoned oft the funds of the company, the petitioners filed this petition seeking reliefs against as stated in the CP.

(3.) THE petitioners (herein called as Chitlangia Group) have become shareholders of R1 company in the year 2007. This company was initially hundred percent owned company of another group called Saha group - arrayed as R2 -5 and R7 -11. R6 is a nominee of West Bengal Transport Infrastructure Development Corporation Limited (WBTIDC), a company run by west Bengal State Government. This Company was incorporated by Saha Group for the purpose of entering into an agreement with WBTIDC for development of modem Township, housing, transport, infrastructure IT Complex, educational Institutes for development of West Bengal on commercial basis.