9911796707
TMI Blog2002 (1) TMI 1213X X X X Extracts X X X X X X X X Extracts X X X X ..... lure to prepare and audit the accounts of the company, and are, thus, acting in oppression to the minority shareholders interest in the company. 2. From the record, I find that two groups holding majority of shares in the company, namely, Shri Ashok Kumar Gupta and Shri Raj Kumar Gupta, submitted their disputes to an arbitrator, who has given detailed award on 1-11-1998. Objection against the award was dismissed by the District Judge, Varanasi, against which first appeal from order (809 of 1999) is pending before this Court and by interim order dated 15-12-1999, it has been provided that the scheme formulated by the arbitrator shall be subject to the consideration of the High Court on its merits and the parties may participate in the p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Kumar Gupta. To enable this exercise to be completed, it has also been agreed that the company/Shri Ashok Kumar Gupta will furnish the following particulars/details to Shri Raj Kumar Gupta : (1) The details of top ten shareholders along with their shareholding with folio number as on 1-8-1981, and as on 1-1-2002. (2) List of loans and advances as on 1-1-2002, along with action taken to recover the dues and also the terms on which such loans and advances were given. (3) The details of sources of funds for purchase of cylinders and the usage of the proceeds of the sale of these cylinders. (4) The details of stock as on 31-3-2001, and approximate stock as on 1-1-2002. (5) Disbursement of the amount of dividend during the last three ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4. It has also been pointed out that Company Application No. 23 of 1998 under section 391 read with section 394 of the Act, proposing a scheme of arrangement in pursuance of the award given by the arbitrator and approved by the board of directors, was filed, in which, the court directed meetings of shareholders and creditors to be held. After the meetings, a Company Petitioner No. 29 of 1999 is pending for sanctioning the scheme. 5. The company is also defending Suit No. 119 of 2000, viz., State Bank of India v. Banaras Beads Ltd. for recovery of Rs. 8.11 crores approximately. Criminal cases filed by Registrar of Companies against the company being Criminal Cases Nos. 439 and 440 of 2000 are also pending at Varanasi, for delay an ..... X X X X Extracts X X X X X X X X Extracts X X X X
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