( 1 ) THE appellants made an application under Sections 397, 398 and 402 of the Companies Act, 1956 (hereinafter referred to as "the Act " ). The company, in regard to whose affairs this application was made is Calcutta Landing and Shipping Company Ltd. (respondent No. 1 ). The main business of the company was shipping, landing and carrying of cargo. The four appellants hold among them more than 1/10th of the issued share capital of the respondent No. 1. Gladstone Lyall and Company Ltd. were appointed managing agent of respondent No. 1 on or about August 16, 1960, and held 19,705 shares in the capital of the company. Various charges of mismanagement, manipulation of dividend, misfeasance and oppression were laid in the petition. The application was dismissed by a judgement and order dated September 21, 1962, and hence this appeal.

( 2 ) IN the court below various allegations against management of respondent No. 1 and also various charges laid in the petition were canvassed, but in this appeal Mr. S. Sen, learned counsel for the appellants, pressed some of the charges only, though he did not abandon or give up the points arising out of the other charges.

( 3 ) THE