Sanjeev Prakash Sharma, J.

Instant Company Appeal raises an interesting issue as to whether a petition preferred before the Company Law Board jointly by eight petitioners would be held to be not maintainable on account of affidavit having been filed in support of the petitioner by petitioner no.1 alone. The Company Law Board on demurrer filed by the respondents has held the company petition to be defective, which could be cured, holding that a subsequent ratification of earlier authorization violates filing of the petition by petitioner no.1 on behalf of the other petitioners. Aggrieved thereof, the present company appeal has been preferred by the appellants.

2. Learned counsel for the appellants submits that the petition under under Section 397 & 398 of the Companies Act, 1956 (hereinafter referred as the 'Act of 1956') could be preferred only by those who had the right to apply in terms of Section 399 of the Act of 1956. While a joint petition could be filed by the shareholders. He submits that in terms of Section 399(3) any one or more of them can have a right to apply provided they have obtained in writing the consent of the rest of the petitioners (respondents