Court : Company Law Board CLB
Reported in : (1999)96CompCas303
1. This is a petition under Section 235(2) of the Companies Act, 1956 (hereinafter called "the Act"), filed by the A. P. State Civil Supplies Corporation Ltd. which is fully owned by the Government of Andhra Pradesh. The respondents in this case are Delta Oils and Fats Limited, Tadepallygudam, West Godavari District (AP), (a joint venture between the petitioner and three other private entrepreneurs) and its former managing director and two other directors. The petitioner has prayed for an order for investigation into the affairs of the respondent-company during the period when respondent No. 2 J.Ramachandra Rao was the managing director of the company.2. The company, incorporated on February 18, 1982, was a joint venture between the A. P. State Civil Supplies Corporation and J. Ramachandra Rao, respondent No. 2 herein, and three others who were the co-promoters. The petitioner-corporation contributed Rs. 25 lakhs, being 50 per cent. of the share capital of the respondent-company and t...
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