Legal Document View

Unlock Advanced Research with PRISMAI

- Know your Kanoon - Doc Gen Hub - Counter Argument - Case Predict AI - Talk with IK Doc - ...
Upgrade to Premium
[Cites 1, Cited by 0]

National Company Law Appellate Tribunal

The Punjab Produce & Trading Co. Pvt. Ltd vs Pilani Investments & Corporation Ltd & ... on 31 March, 2017

iN THE NATIONAL COMPANY LAW APPELLATE TRIBUNAL
COMPANY APPELLATE JURISDICTION

Company Appeal (ATI No. 44, 45 and 46 of 2017

. farising ont of Grder dated 23°9 December 2016 passed by NCLT, Kolkata
Bench, Kolkata in 1.ANo. 08/2016 in C.F.No. 30/2016)

The Panjab Produce & Trading Co. Prt. Lid. - Appellaat

Ve

Pilani levestments & Corgsorstion Lid & Ors . Respondents

Present:
For Appelianta:

Dr. UL. Chaudhary, Senior Adwooate with
Mr. Himanshu Vij, Mr. Rrishmands Datta,
Myr. Abbrafit Mites, Sr. Advocate, Mr. Sanjiv
Trivedl, Mr. Siddharth Vaid and Mr Intwar
Mohanty, Advocates

For Reepsendent:Mr. Abhinay Vashisht, Sr. Advooste with

Mr. Ajay Bhargava with Mr. Rohan Jaitlhy,
Mr. Nikhil Jhunjhunwala and Ms M. Anand,
Adivoostes for Respondents No.l io 8.

Myr. Sabyasachi Chaudhary, Sr. Advocate
with Mr. Vikas Mehta and Mr. KRarandeep
Rhanna, Advocates for Respondents No.9 te
2k.

Mr. Abhijeet Sinka with Ms Pallavi Sharma
and Ms Titask Sen, Advocates for
Respondent No. 12.

Mr. Nikhil Rohetgi with Mr. Mohit
Rhuubchandant, Advocates for Respondent
We.d.

As these appesais have

similar order(s} all divteci 22°

heen preforrad by the sarc appehant against

& December 2015, Lherciere, Ghey were Seard

toether and sre disposed of by Shis common judgement,
 

se The appellants referred Company Petition No. 20 of 2016 belare

   

ra Bench under section SQ? S98, S

403, 409, 406, 407 of the Cammmanies Act 1856 reac with sechion 210 af Ue
Comparties Act 2013, alleging Oppression and Miamanagement.

*

8, in the arene of regpoedents, the appclanie impleaded Se persons as party reapondents; apart from athers.

Respondent Na. 8 < .

oe "nn, fr, a Sentury Yextiles and fuchustrics poets Sent 5 Respondent Ne, : -- ORE ge. oe REA Aarts! | fede Respondent Ne. 11: Nis Bahshurial Jam Respondent Na, bak M/s Aditya Marketing & Marufschining S was Med by &8 responcent -

od, a. An interlecutery Application Na. O8 (20 iM.

M/s Centure Tesities and Inchistries Limited {M/s Contiury Textiles' far shert) with prayer to dismiss the Company Petition No. 20/2016 as against tie sacl "

i applicant/8® respondent company and He directors, who were impleacded as TOS ened LES reaper s% to the Company Petition. The Sey 3 ok : 3 PENT PRES. TAME AP the said application was that the 88) 1G shareholders af the f respandent camry Cerporation Ltd. nor the directers and 'yppresaion and Miemanage S. Another interiooutery Apguication Na. OF respondent with similar ard similar ground that he is mot the '< iS respondent company B/s Rlani Investrents & ie fet oe feos "% ~ a a pote, oe ne Seo % ahareh Corporation Limited and to distiiss the case as against him.
&. The tbird Interincutary respond BERT finn, Pe Al the apricationa were heard and were allewed by the National + Company baw Tribunal fhersinafier referred to aa the "Tribumall, Nolkata ge so af Bench by three diferent orders all dated? 23 semiber QO UG, agaist which taree appeals have been pre erred, Pye company as alc of the 8 respondent M/s rte, cortrol af both the | the mrather of the S'! respondent, ana the reapondent, Mrs. Raps GCampany » Mis Oer ry ip yao nar et pee th we , The 1 reapandent campany is the single largest sharcholders in the G& Se ae respondent company. Shareholding af the [8 regnancdem? compro in the Ge Ge respondent campany: Ms. Century Texeties prior to the impusned acts of x i ay shareholding of the 1 respondent company oes, Mis Century Testies after the impugned acts of oppressien and nuamanagement has heen declined and brought dawn to 30.54%.
10. Parther osac of the appeliania is that (he managerient and directors a .
the IS respandent company dilated the voting rights company im ihe SS resnemdent Company - Mis Century respandent Compsmy br its harm issued a notice in convene @ meeling fa iague Eat 1,88,50,000 warrants on preferential basis to the 12% and 15% reapandents 'a Y % convertible inte equity shares at the x fen (PRL SS Ske AE ey SE pee Ra, GS4. 89 /- per warrerit.
it. Acecarding tf appellants voting right is one of the ri * ahersholders, Qne ar other cannet give any advantage in favour of one or other aharsholder.
quash Rend U2. Grievance af the appellants is thar the ise hac the lowing detrimental eff tine the cantral af the 1S respondent Somparny over the Gt respandsne Company - M/s Cenhury Textiles.
o ¥ ond
5. There woukd also be & decline In the walue of the I respondent % oS a Comipaies shares ones the 18
-
ee oandenis' principal Reseis are $
13. Learned counsel for the appellant submitted that the di effects of suck oN of Olrectoare and Chairman is respondent Company was asked fo appease the prefereniial allotment, Hawever, voting rights af [*¢ respondent Company was used ta ns detriment nt be by wating in favour of the resolution dated 29% May S014. The esercies of eights af [8 respondent Comypanmy had to be backed by a Board's schution under section [15 of the Companies Act 20138, which was not dare.
+ s oofoesal abuee af the ten:
$e a Se oy we wenn, on ye e by 228 andi SP regpandenia who are also directs id. lpwaes further submitted that 28! and O° reapondenia who are Oirsctars af the 2 respondent Company are the "beneficial awners" of {he allotees Le.
12% ari 1S respondents. The 128 ar cantral and mmanagemont af Be! and 38 respondents. 2° and Se respondents have been shown as tine "Benclicial Owners" of the pre es in the Notes anc minutes of the RCNA M hele am PS Chine , "a Fee bed 4 a Be ey oy ht as os ae4 aot es Me ed zs at Fe ae ae wae $3 ed "het gr, a pach Sa, at * ; "t Ey ° ' Fac be : ene get "ft oe 'He Speen oe bet oe ane 4 ghee 7 " Soy gre, Aten, wae fee fee Zs Ba . ' "nef fall peed: wy ay eae wy ot wad ' #4 4S wt og font Ae Seat £% we : io) yn ee : yon fs vA ee Bf a '" ¢ 'ns, eee we ap, 'sod ont be yest "a os, te ate BM ne, gos i par 2 we oe oy ca be 'hed a % es "ae ee a we ta me nt ; tB babe sa Se fee vies ae gy en moe at a fe ee a .B pe : eS tent aed Co soe Li By ae fs 4 ge : ged be "4 as 4 £7 sed ee & e Fy 8 me co ne re ree: Lees $0 oa aren: Pa ene, ih ee "age ae $ aS os es ben, oy me ae fn, es e Sok 8, BA oe S54 3 oe ee Pn, we "0 eo £5 a Be ceed im, 'eat fs Seat Ce bat on, Nes oo so ot a5 ae gee fs é , * a we : a Bz ee oy yore, z % 4 a 'teet gg Tei : het, er} ee se inher oe : te gre ms oa, Bes eet e "Ans, ne ped geet é ft pet ag Lat oo oot zs ere me he a a3 x oe Berk ste net we Fd a a we $e # cs rs @ oot a a ge pes gy £ Len 2 & ¢ f nh a4 he g "aps : 2 UB % & By gs Me a ea é 7s ee a 2 ged tbe nee Be "sy, tet fos * et ee ra a si i one wha oe ae fea td £3 'rok ee eee " wt ine ep pe oon oA ret, oe eee % rane et wees gn a4 oe pais pet 5, tnd ween, am" ere. Boe Be eee, a me ee Pep we yarn Cope bee pe. se ef Eras ot ae ee wee tye od. 2% Spo , We, wt ay vi ve a nee: eee, ' pe , a) vent we ep i" cad oe on ot oa Sev # re ES wg B f ® mf a teed, eet ; ss ' oS coe 'e at oad "hee! "fet be, Bigs bes oe et me oct ae wpe we oe weed, Pe fabs es BS a z *, ' o mie BO eB ee 7 a oe eas we oe "omg % * 'ce ' ee cae a fe Ps w ad A 3 43 a a £ A at deo aie "net vee" ent res, we oe bos ae o tea oe gs te i g ie te w ;

a a ind? a he bes, eke ye ee oe oe 2 os a3 oh he 4p hs $ Z % 2 en, ? ' iv 'a if "apes a 82 ae wens *g BB a ee ¥ a Pee tid $e f z aes ad £% ae Le ce oe ae * ee ies ded i 4 oe a, & "et Py, a "eel ee ees , i La on, oars tents o% sone a * ere we ° 3 Lae wy QS ' peed: edo pi woP es Se fei 'LP rag % 3 beg a, oe we es oa 'al we a oe 25 ny te a om i ee fret " te a oe ae 4 & A & nh Aen eo binod Ch pe ta ts, Gest 'Beet ba Sua, - 'in pm vot et bn aes pe 2 wn ate, se ve4 7 Foun' bat Sal xe hen oe m ee vies, a ee vay 'hea va ash tee % s 25 4, 3 oe fat bs Bg ae fe oe eed os x, need ae 'nate BE oe ae 43 ES oe fee gr, enh, fs, nat fete, oe net ms . oe wos ee we sae wey ond o, head ws 74 ' ay pe af ee re oe esas 'ap 2e% 2 ; a OS oe z es, ee uae By a 7 bed Sed ey . , whee get ae 'nad 4, be wo " ben ae a a By ene het ad ae yee ae pe oat Pa, pee, feng et wtene fa on Ee wee, #4 MES bye Bee. wy we ys zi ee ae , 'ad a we 'adh Se we: ben ae oy shor i 4¢ bod rt #, oe OE we 2h ' 4 took bet : ig i anor wt es "sg 4 ee % a3 ES 'hee, ve Bm Be OG 3 OB es ' ned nhac, mF oo ed 'hat! 2 ee. 'ngon eed a, ay fas mo oe be Be Ein ' 'toh be he mo Be fo & me ta 5 pet oe a pe oh, a ' ta os, Heat tees she bot nee " mw rh oe ~ Pe wy wet gs Pe week . wns Sah 4 si 7 von, od irk ' ae "et, 7 oa a pe a, eng God ms . ba regs aa pm é wy ; gees: % ee a teed wee 43 ee 'hed wenn, neat ind foe des ww 3 ~ 2 24 iascs ood pat pe nen yet Pag aS by Be tee Pi re cay ae poor. at ye oot "ee iy BA Ps oon be 'ie 4 gee ot oy Ee det gs *inass # teh i 4 3 hs S fet ped od a Bh: 'ated a ae es et a bof me ee von * Ly LE whe tet ba fia? Gy re pet fa ag nee :

Le a. ge a3 ay oe wrek geeon poe sat A be ih y ee a ibe oe "3 te "8, & es Fag we 'abe " Ei ot ee wees Sees oe, a, 'et ki oe o 7 a ie : Cpt on. eens oe ae tad ee tee & me ie het 'be a woe ie , 1 eet he " '. 2 ve Bree fat t $a ee hi g ge Se es ge "men lanes eet 'aw ae got i £o f goog So sont noe rae ner "rant ee 5 neti, on bs bee a ea PA hee o ea we Ls eet % A, o 7 ro 1 gt aS fet 'nat ae a a as es a a ie * a, a rot Se a a, or rere se en pe Lf; nets pee oer ia ap et gh gm peed nae 2 5 Be ve 'rit 6S y ° 4 va x fon: 4h rf, a a bs ot as weet et ad -

oh Set * ton hs uo oF La te 'try whe oS een tox we 'tee oe, ce wt tae, oY ate on Soa ay Kags Cs fet we. See G4 % pe Sir Meee "tet ne of os sat abe 2 4 23 & whee 3 we Oe De 2 bee we ae a a ts * Sra ee Bs ve ¥ es neh LE Ke We oe ae te ed sis we ft fs ee he aed es 3 fob fe ua sent bes

- x 'Bert oe ms gee ons in, ay oa Suds:

went as ae zw hg a ee bes ay re oes x be te 2 ym. Gt ree : eS " er hes ag a $4 'et Phe os os ae - oS vert & ote Bb fog ef sei ; we of oh z he ven, ot ret pet bbe oF : Pree he b es rn wz a ee 4 ie : 4b ' oe i oe 4 g Ps Ss ¥ ZL zy PO, z % g i 5 $ Lage oe g 4 "Ba rs rey, NG hee ne Wh a BS WA Layee a 4% K ah a gt 'net Cane, ae oy Be SP ee) eee tye rs ae ey Fy wend wok mFS & fg "ot o be oe i oe fob be ent hed omar the » % x ef cheat x Gh pegnerigder' £ : the Be Fe Re arty stemmed ah *, HU ihe prayer ¢ the >.

aN SS proper p he u sere ad y = % ant al sy LTR t © 3}.

oy i Seppe x wh go 1a 2 sf bearing on the Sh axes Y* ard TS question whe § meceseary direchia & rr and Miers:

s PRs x ws s * pressio Frese l te PS SITY ES TROCES RAY EE awer the & 3 "
aRY 2 at 'Og at s BR we a © ~ » OT any will hay & Sh OR % sepanaone' PS & der doe:
ache Ds ib im favour 3 = S S CATES Re fe 3 yh a z < all ad pevessary parties or not, According te 387 {S98 In impleadment af entiuies imi reliefs against them by apphs company include the allaire of other companies chisely c sormented sport of contention chat the affairs af ane company inchides the re or Che appellant affairs of other compmanics closely canmecied, learned oo wivel placed reliance on decision of Horie Punjab and Haryana High *TwHoangle Butlders and Promoters P. Lid, Ve. CRY Read Estate Ventures Lisl. and! Others reported in [901 5/ 192 Company Cases $89 (P & A"

Relinmes was also placed on "Bajrang Prasad calor Vs. Roaigeark Jutes and Tectiles Bilis & Ors. reported in (2001) 204 Company Cases SSS" to Sugeest that che raintainabiudy af Sechion regard to G8 te 188 respardents whe could net have been deeded as a preliminary iasue without thorough the petition.

XY

20. Farther, according ta the appellants where a case of collusian and in made out In a petition under Section 897/998, other emtities should be YY PATHS.

ed om Hon'ble 3 kee.

& pac Ne ae 2 OW t Rehan mR.

we BN sharebalcers ing .

ie are re 2 yte sor be ¥ 2 32 + :

Se ak.
' He x y W mf af the order.
x e ;
"

ok XK :

"ed ¢ ?
2
"y & OT Sos, < Se BS.
"e
39. 3 ee 1S Sy the all 0 £ AS "%, = Z SEIS ta TAS R "

oN ing or bel SOREEEN < SOFLROT ECS ki oe % & ry Ve i ES ws vigbereh ¢ ee the Nor 2 "

a Se eS rely < a z $ Y y Learned Seng ® Punjab ¥s. Davinder Pal Singh and Others reported in [2Q11) 14 SOC FFE" whe 23 "8 Me as 2 pagemenl of Sg rid gah the the is respondent cz ees, os ~ bt on "ale oH hood pee Se a o es nl tet ", "ag a oe AS iy, ES ree ¢ 8 SES x Jrmakt % TES ee EPOMCLETLE COTATEY * .
ane LE Peay de *.
Sect mm wat eg ae bs x on sf ow wT han Lander s le 3 3 * x Heerk Wes x % nm ihe pete though sr pr Ty > SErpenry we x gr Sigeae wt wy, ne ye on Zip ee 3 "a gg ae apn oe "hed a os Le ie we 54 4 ah oe vot a . in ae gh 'epee "8 ' og bon ae oy. oes "y a oe ep fe Bb pa aa ad wt pees, ra a ho ioe Poa TE et x post Na ee ot ges get By a sot: . ee hy ws wrens nes ke ark we . ae, am. a owt a oe og 5 nese pm ae ee ee ap. eek "A Y oo oe mG o i Ee ie, a oe 4 es ee he we don oe 'st wy wy oe ot we. tes wang £5 ye ee ws ce = e _ £ & BB ne we a v; we Bo ee pa bay Ee ; ry re Os " wee Ee ge oe BS on pe %, we bes ee a As vee peed ed ae, ad oe we diets . Bes of we hore BA pet sam mg eG aad ceed fe a4 : Es he AS a 'ron ot a be te, A "a ee oe oe Se <6 ue es we Pe Looe oe yrs Ae Sh fy yo per as 2 het a fons fe t y a ; ? as int < ites % py pr "ea Nao Kd xy pred rad, ft : . os £ levy re week Ce es. fey "het om a3 bag is Py. ad ne i " ad ag a tg 5 = ee Be } dol ba oh ee pad g x eg % ee ee , e & is oo we on ' "ged dk : a So ' bod ge Fd oe ea we t me ; Bs 2 bog rh j oP pet ad ee Se , nk boi ae 3 oe f os vot aa ey rs es te 4 Ba eel z gs : wet TH ba er 2 pet Sy cS tad "ne ' ae oe yet fet ree st bad a Se ee 5 we 5 ape et okt be oe seed wwe ae ak ine f ha % te ge tag a i is Sageoe nn ht % 4 pee : be a we et of "a me a tA s x ¢ Ie ze ee cd i te , oe ee ' , oe i e oe ey ee : Qe ow In 4 EPs os ot b ; od we ted wm tod : te Be ee pas ie Soto oe r% te on ge a " bre % ig a Ee ws ge 2 "a a opt ho cee Ce cS Sat + fe. hes feet oa ve oe on Sa a shed oe xe tht "ob : *y Lo ay & a: wont ore a coo ht cea ts ae we tei, ie eel oe ee io, % t ; f m, 4 é : tee "et dot ved a ae oe *g tnd s : oe Fa BB es 4 oe 2 i os 7 ° 'et : s oe a net fa, hoa en as aoe £% LE fg By "3 OS oe ee, £% be os Mey at 4G oF wy bee we gt ras rn rd ge 4 fh a too nae St, rat § we het. Sh £ , Fat oa, es, baht ben > e ae ben oe feos os Let wt ye 4 g See, we By 5m ee Betee, oe 7 gan or vee "hawt: we 3 £ 's ae Se 4 oe Ee: ben ; nap ; # u fo te " 6 8 EF B@ wy & os be 4% . a ay 16, oe ae 4 s S ee ? as oe $3 2, colt ba ta 4 Sf et ie Leg go baat ¥ dot om ' pee a a pa a ae ts oe te aE at Faai phn ie cd babe, phe hod SS b id we . % oe chew! ae ee Teh had ; -~ hed % eo & 3 ~ "ge fe oe i" BS % i hee $0 * seo Fe ae oe es re 45 ee to ws ot aA ot od oe ae me Konis fet % ' ; ry & oS bei att Sag ny She z wy 'nee? og tn fa : thee a , AG " Le x ye Oe iy £3, Ee Sock > wee 'bet ed "e go 'se oo fe ye 2 © & 2 ¢ = & ia we @ & % ec goF ms ? oe "ee we me Ch, a x sna het e a ~ 'ad oop weet "oad ed gg kee M4 'eg ed he " peed " x 'SE oe eS & hes pe es 43 os cal a a et ¥ te on he ye ie A Ps " et Pa i t be Bo % ge ' vy 3 = x . ' weeds ' Gd bee Ch pond reg a on pod "nel. x f by x rs oe "on Be re L ° ret tad aa By be if : ao bo ted we ~ 'hae oa ee ne tod ¢ "fo ye oo x , be weg "es ae y x bea ay Ts : ae oa mend pees ioe Ps 'at oy Be "tat Se 22 BE aed aes oe me ead weg se " we vt we on & tee, Beet vary ded oe ab ad ee wong we be tebe f ~s o 4 6 a a es 7 i os i 4 i ve ee 4 a ze % os By ded By ' Sand, "ng gos 9s es ra a te oe: ae oe m4: ys 7, a & its, oa ig wy we & ea Ex ' ae Se 3 ia) , He hey % - es ~ " me ee a eee es oe bh, ae tag oS ty a Bobet pe aed > as we ans a3 sate og oe w Se emg ' et aa #2 & "3 "ae es 'nnn ta oe 4 ees ner ing pe he " we bd a jen a we ps a 4 toot pee vent s (A ged a es te Me @ ee ard 'nett oy 4 Ye Pe, we 3 ee ~~ ee tA oe fe , om, ot a ee 'nt 3 a ye So es 4 $3 & we wz ed re be ge a e "i & we shes ci ? & + gt ey 0 oy bs os bee on po ay ee me o2 & bon a bet pe Ay Le a af 43 Sot atone oe bod "ead: ot ss sons : ad tr hr sent ee red ed ifs Ge 3 QB Se ond x es 2 weet La By yon ty hod, Ms % % q dhe bod et " os os eet Lt, veg Be 4 % Meade "3 ee et f nee Pal td wees e ' ae 'ad Soot x w Sy ; nei Bs oS x bs fs : a ie te? a ee oe & ir, Tag "3 Be " og a SE ei gi re nant re a feos soot a eee a ba et ayy ed 43 iad oy

3 a by * oY es a Bs A shes Ke ee % a Fa "of we wg "im rh aps init hes fhe ty tod. foe a ; tens pong ny tat oy ree: 'cee poe pnt ge 5 7% get " 4 won S fied! @ viet pe ee eee te is fos se nt od Ly re : Steet Z ee wr ee nt, on oe rs fy, a er gs. see "sat as 3 3 Ge md v¥e ia on bes oe fat ag + & 14 oy 7 ws os ba peg Re es s ae ws i Bee "my ve os Si pete es Fs So sehe he we "at as ag Ne o seed ben xm oe at ay oe a tf oe ey oe Ly o 'hot wan ., , r+ py. Be é : ws en ne per 4 % ne a x 2 Benes, ; th ke fat, : % :

bee ele a .# Bs if G a Pe "a a a ab oe £4 hg ea " e a3 ey te ee # en soe ee be oe bess gy og : ed it, aS . Bt het sans ve ree Ry . Wek un 3 pet rd nar, . xy ved 4 ee ge ps w ay bp, ty a , oe #3 aS ek hotkey ms ae hen re ' fet ban oe get bee Sot aye yh : Fd aye
- £ & @ @ ¢ " is & 2 &@ 5S Bh © ann wheel " a "hee 5% get 5 'os , fe " a fet tee otis Sino ore Vs Be a bat 43 ny "a ay eg % * bee ey ws a5 beet fa Pe, x" " ae Bh Pad "wr we "S ee ap lod wt toe oA he feds Ch, r oe Dal OS oe age ha 2 bon -, hop aa Mae waits fe pt gos od reas gen sg 'eh yee ee rn a4 oe es bed a ws a3 rend yea ' won ne % er ae Af a bet wp ae Me te ge ' ts eee ed a ps a . ee od rd "ee ° t my a hed, peed fhe tet Sie om oe We oy Pea 'eal Pe et Ss A vee wer rs Sot re wat pee foe a4 ae hes ae BS % go wr ye tape oe * j ee eo * other pos on ine he , ~ bug x oF we ad be a i, rsa, : oS a # pe ae £5 On a Ge yea a cmanate from them, flow together and cannot be " co ad management is a facet of the holding of shares, 2 As per the averment in the petition, the appellant hae not claimed thet the QS respancdent is a subsidiary of Ut respondent. On the date af pre presentation of the petition, the 1st yp ESPUNCeNt COMPANy WAS As single largest shareholder of the G respondent comp ipany. Qubin spite of these fers, the Tet respondent company has ne contraliing power over the afaire af the Oth Teapandent company.
29. The Tribunal tightly held that che balding company and subsidiary ~ AMNHES and oven if appeliantypednen has « P and 398 against is respondent company, and they qualifier! the oriteria of Seaton 3¢ 8 af the Compares Act, oven on that baste, the apg ne, WHE mal get a2ry right to ques x han Dppression and TITIAN Ageia' a: Sabet the Qe respondent company, as the appetiant dass Hol Possess the requisite qualifieation for STINGING @ petition agaimar the oo resporcient OMIA.

= SQ. Therefore, ones the & ppellant has ne right sstion the oonressias and sismanagement' of the ot reapandent ogy ao one:

question of act af 'oppression and miwnis amagemeny qua the O&8 resncnder eS &8 and 1S" pespondents ww oh Lo COMAPANY EU So fer H relates fo IES Pps pom poe concerned, who were not the shareholders af the [st respondent comypary but sharchaiders of the O ressondens COIN f Xp Vi. Hi the action af the ather respormdonts are held to he QPETOSRSVE ALAiAh the appellant ar mismanagement of the 1% re Sponcent company, that aiff das render any decisien taken in another SaMpanyY La. the Gs COMIBSHY 88 val] or legal, SS, In view of the aforeaaie ground, the Tribal having direc the Gh. TO P7O 1S and Yaw pe capmidents from: arena of che respondents, we finel no ground te interfere with impugned orders all dated 23° December ak 2018. In abacnece of any thet, the apoeais are dismisses. Nowe er, ip the teeta ane circumetanoes af the case there shall be no arder as ip cust, iMr. Balvinder Sin Member (Technics NEAV DELAY Si" March, 201% SIN