JUDGMENT

Ruma Pal, J.-Leave granted.

2. This appeal arises out of proceedings initiated under Sections 397 and 398 of the Companies Act (hereinafter referred to as the Act ) by a group of minority shareholders complaining of mis-management and oppression in respect of the respondent No.1 company M/s. Gwalior Sugar Company Ltd. (referred to as the Company ). The appellants are the unsuccessful petitioners. The primary question to be resolved in this appeal is whether they held the requisite one-tenth of the issued share capital of the Company under Section 399 (1) of the Act when they filed the petition under Ss. 397 and 398.

3. The shares of the Company are basically held by two branches of the family of J.P. Srivastava. J.K. Srivastava, who was originally the petitioner No.4, and H.K. Srivastava who was originally the respondent No.2, were the two sons of J.P. Srivastava. During the pendency of the proceedings before us, both J.K. Srivastava and H.K. Srivastava have died and are now represented by their respective heirs. In the case of J.K. Srivastava, his interest is now represented by his widow Mrs. Raj Mohini Srivastava and his only son Vijay Kumar Srivastava. As far as H.K. Sr