Majority Shareholders Use Voting Power to Restructure Board; Oppression Claim Unfounded, Relief Could Harm Company and Shareholders.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Oppression and mismanagement - It is admitted fact that the major portion of the equity shares (2/3rd) are held by the 1st and 3rd petitioners and the 2nd Respondent holds only 1/3rd of the total shares - Therefore, the petitioners themselves are still the majority shareholders who are in control of or concerned with the management and operation of the company and have already exercised their voting powers for self-remedy i.e., by removing the Respondents from the board and appointing new Additional Directors. In no way the petitioners have been oppressed by the Respondent Company. - if the relief sought for in this Company Petition is granted, that will only ruin the Company and adversely affect all the shareholders. - Tri....