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1982 Supreme(Cal) 194

SABYASACHI MUKHARJEE, SUHAS C.SEN
PURNA INVESTMENT LTD. – Appellant
Versus
BANK OF INDIA LTD. – Respondent


Advocates Appeared:
AHIN CHOUDHURY, Depankar Gupta, HIRAK MITRA, P.C.Sen, P.CHOUDHURY, R.C.DE, S.B.Mukherji, S.PAL, Samar Basu, U.MUKHERJI

SABYASACHI MUKHARJI, J.

( 1 ) IN the other appeal, which was filed by Purna Investment Co. Ltd. , in which it was not a party to the suit or to the Section 397-application, but was only a shareholder in the company concerned, the learned trial judge had not given them leave to intervene in the suit. It may incidentally be mentioned that Puma Investment Co. Ltd. is a company in which Mohonlal Mittal and his group are closely associated and they have the controlling interest. Being aggrieved by the said order of the learned trial judge, this appeal has been filed before this court praying, inter alia, for leave to intervene and oppose the terms of settlement. Various questions have arisen on this aspect, but the main question is, whether a shareholder, as such, has such interest in a company which entitles him to intervene in respect of a suit pending against the company in respect of some of its assets. It is well settled that a shareholder has certain interest. It has been said very clearly that the shareholder's right is to participate, firstly, in the winding up in case a winding up order is made and, secondly, a shareholder has a right of payment of dividend where dividends are




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