( 1 ) THIS is a petition under sections 397 and 398 of the Indian Companies Act 1956 (No. 1 of 1956) (hereafter called the Act) by the Colaba Land and Mills Company Ltd. a company incorporated under the Indian Companies Act 1866 and having its registered office at Bombay (hereafter called the petitioner Company) against the Vasant Investment Corporation Limited a company incorporated under the Indian Companies Act 1866 and having its registered office at Ahmedabad (hereafter called the respondent Company) and ten other respondents. Respondents Nos. 2 to 9 were at the time of the presentation of the petition Directors of the respondent Company. Respondents Nos. 10 and 11 are the shareholders of that Company. They have been joined in the petition for themselves and also for and on behalf of the shareholders of the respondent Company other than respondents Nos. 2 to 9. The petitioner Company admittedly is a shareholder of the respondent Company holding therein 22 0 ordinary shares of their Company and it is not disputed that the petitioner Company has a right under sec. 399 of the Act to file the present petition under secs. 397 and 398 of the Act. The petitioner Comp