BEML LTD. Vs. BEML MIDWEST LTD.

JUDGEMENT

(1.) THE petitioner has invoked the equitable jurisdiction of the Company Law Board under Sections 397, 398, 402, 403 and 406 of the Companies Act, 1956 ("the Act") with a view to bringing to an end the matters complained of in the affairs of M/s. BEML Midwest Ltd. ("the company") and claiming against respondents Nos. 3 to 5 and 7, the following reliefs:

(2.) THE petitioner apprehending that (a) respondents Nos. 3 to 5 will deal 2 with the capital of the company for their sole benefit in a manner prejudicial to the interest of the company; (b) the petitioner's rights will be defeated; (c) the petitioner will suffer irreparable hardship and injury; (d)the board meetings are being called by persons who have already ceased to be directors of the company; and (e) there is likelihood of breach of statutory compliances for the year ended March 31, 2008, has sought for the following interim reliefs:

(3.) IN view of the foregoing, the applicant is claiming the following additional prayers: