1999 (10) TMI 632

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....'the Act'). The petitioner, a contributory of the 1st respondent company seeks a declaration that the company affairs are in such a position that it requires investigation by an Inspector appointed by the Central Government in that regard. It is submitted that the company is not keeping proper accounts and it had done several business activities without obtaining the statutory sanction from the Ce....

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....o order accordingly. This power has been granted to the CLB, in terms of the amendment effected in the Companies Act in 1988. Before the amendment sanction had to be given in terms of sub-clause (b) by the Central Government. When the power vested in the Executive Government is invoked, one incumbent may perhaps feel that justice may not be meted out. But now, after the amendment in 1988 the power....