JUDGMENT

SANJAY KISHAN KAUL, J. (Oral)

1. The plaintiff, erstwhile director of defendant no.1, has filed the present suit for declaration and permanent injunction seeking a decree whereby the removal of the plaintiff as director of defendant no.1/company be restrained and it be declared that the plaintiff is a director of defendant no.1 Company.

2. The plaintiff claims to be a businessman and an industrialist and states that he was a co-promoter and an original investor in the shares of defendant no.1/company.

3. Defendant no.1 is a public limited company within the meaning of Companies Act, 1956 ('the said Act' for short) incorporated on 16.01.1991 with the primary object of setting up of project for the manufacture of white crystal sugar. The certificate of commencement of business was obtained by the defendant no.1/company on 13.05.1991. Defendant no.2 is the Managing Director of the company and the other defendants except defendant no.12 are the Directors of the defendant no.1/company.

4. Defendant no.1/company made an offer of public issue of equity shares vide prospectus dated 01.05.1992 in which the plaintiff is stated to be a part of the company's management. A part o