Court : Company Law Board CLB
Decided on : Feb-26-2008
1. The petitioners constituting more than one tenth of the total number of shareholders of M/s. Gees Marine Products Private Limited, ("the Company"), aggrieved on account of certain acts of oppression and mismanagement in the affairs of the Company, have invoked the jurisdiction of the Company Law Board under Sections 397 & 398 of the Companies Act, 1956 ("the Act") with a view to bringing to an end the acts complained of by them and seeking the following reliefs: (i) to set aside the impugned allotments and transfers made to the exclusion of the petitioners; (ii) to restrain the respondents, their agents and servants from selling transferring or otherwise disposing off the assets belonging to the Company and in particular the trawlers MFV SUPERNA and MFV MICHAEL; (iii) to appoint an auditor to scrutinise the accounts of the Company from 1991 till date and submit a report to this Board; (iv) to carry out an investigation into the affairs of the Company and to surcharge the respon...
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