1990 (7) TMI 288

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....es Act. The petitioners pleaded, inter alia, mismanagement of the company, viz., Ratna Cements (Yadwad) Ltd., by its secretary. Respondent No. 2 is the managing director of the company. It is also pleaded that the petitioners had been wrongfully removed from directorship. Another complaint was that the annual general meeting had not been held and that despite demand, statement of accounts for the financial year 1983-84 were not furnished. Respondents Nos. 3, 7 and 9 are the other group of shareholders who represent 50% of the shareholding in the company. The petitioners' group consists of the petitioners and respondent No. 8 who represent 50% of the shareholding in the company. It suffices to say that, on the advice of the Industrial ....

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....en up their claim in so far as it related to section 397 of the Companies Act. We find from the order of the learned company judge that all aspects have been gone into in accordance with the pleadings and all material received in the form of affidavits and enclosures of both parties. On a perusal of such material, he came to the conclusion that there was nothing wrong with the resolution of the board of directors passed at the meeting held on November 7, 1984, removing the petitioners from directorship which later came to be affirmed at the general meeting held on December 29, 1984. In fact, it was in evidence that the petitioners had all been served with the notice of the annual general meeting together with the enclosures. It was also ....