PAYASAT, J.

( 1 ) THIS is a Letters Patent Appeal against the order of the learned company Judge by which the application filed by the appellant styled as one under sections 391 and 395 read with section 634 of the Companies Act, 1956 (in brief, the 'act') has been rejected, inter alia, on the ground that the same is not maintainable at the instance of the appellant, he being neither a share-holder nor a member of M/s. East Coast Breweries and Distilleries Ltd. (hereinafter referred to as the 'company' ).

( 2 ) THE facts and events leading to the filing of this appeal as portrayed by appellant are as follows:appellant is the promoter of company which was incorporated on 15-4-1969. There was participation in the equity shares by appellant and his associates to some extent. The other major share-holders are Industrial Development Corporation Limited (in short, 'idc) and the State Government, Private parties held equity shares to the tune of Rs. 5 lakhs, Appellant with his own efforts approached different financial institutions for advancement of loans to the company for carrying on its smooth business. He was appointed as Managing Director of the company with effect from 15-9-1974