1960 (3) TMI 21

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....led by Ved Prakash, Maya Prakash and Satya Prakash, sons of Hira Lal, and the partnership firm, Messrs. Hira Lal and Sons, under sections 397 and 398 of the Indian Companies Act against the company, Messrs. Iron Traders (Private) Limited, and three persons, respondents Nos. 2 to 4, described as de facto directors of the company though it is alleged that they had no proper authority to act as such,....

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....the present petition be stayed on account of the litigation already pending between the parties ? " Today was fixed for the evidence of parties and none was produced by the petitioners. The only witness examined was Shanti Sarup Khanna, the accounts-clerk of the company, produced by the contesting respondents. He brought the register of members and deposed in accordance with the contents of the r....

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....that so far no such suit had been instituted by the petitioners. In my opinion, there is force in the preliminary objection of the respondents, since as the register of members of the company stands today, the petitioners are not members, and the words of sections 397 and 398 clearly show that petitions under these sections can only be maintained by members of the company. On behalf of the petit....

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....in fact the petitioners, having already had their application for rectification of the register dismissed by the learned District Judge, and not having filed a suit to establish their rights as advised by him, are now seeking the same relief under the guise of an application under sections 397 and 398 of the Act. The learned counsel for the petitioners was unable to cite any case in which such a c....