JUDGMENT :

N.J. PANDYA, J.

1. This is a petition filed by some of the shareholders of respondent No. 6 company seeking reliefs under sections 397 and 398 read with section 402 of the Indian Companies Act, 1956 (hereinafter referred to as 'the said Act').

2. Respondents No. 6 company came to be incorporated as a public limited company having name 'Gaekwad Investment Corporation Limited' (GIC for short). In the same year, and probably at about the same time, Baroda Rayon Corporation Limited was also incorporated and was managed by Gaekwad Chinoi and Company (P) Ltd., as managing agents.

3. The GIC right from the beginning had 425 shares of which late Shri Fatesinhrao Gaekwad (FRG for short) held 301 shares and, out of that, 300 were made over to or were owned by J.K. Gorpade Trust. However, FRG was shown in the company register to be the holder of the entire lot of 301 shares. Rest of the shares were held by different family members and so far as the contesting respondents are concerned, respondents No. I and 2, at the relevant time, between them, had only six shares. The details of the shareholding are to be found at pages 412 and 413 of the paper book.

4. More or less, this continued to