https://www.taxtmi.com/caselaws?id=280187 A reference under Section 388B of the Companies Act, 1956 was held not maintainable where the material facts were already known to the applicant, yet the reference was made after gross and unexplained delay. The explanation that the delay should be excused in the name of public interest was rejected because no satisfactory basis was shown for the late formation of opinion or the delayed reference. The proceeding therefore failed at the threshold on maintainability, and the allegations were not examined on merits. en-us Tue, 23 Jun 1998 00:00:00 +0530 Wed, 24 Apr 2019 13:24:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=280187 A reference under Section 388B of the Companies Act, 1956 was held not maintainable where the material facts were already known to the applicant, yet the reference was made after gross and unexplained delay. The explanation that the delay should be excused in the name of public interest was rejected because no satisfactory basis was shown for the late formation of opinion or the delayed reference. The proceeding therefore failed at the threshold on maintainability, and the allegations were not examined on merits. Case-Laws Companies Law Tue, 23 Jun 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=280187