Balu, Member - This petition under sections 397 and 398 of the Companies Act, 1956 ('the Act') alleging acts of oppression and mismanagement in the affairs of A.K.R. Minerals Private Limited (the Company) was filed in December, 1997 and we had passed certain interim orders.

2. A summary of the petition is as follows :

The company was incorporated in 1999 for carrying on mining activities by the family members of one Shri A. Ranganathan. The petitioners and respondent Nos. 2 to 4 are the brothers and the respondent No. 5 is the mother. The first petitioner, being the eldest brother who was appointed as the managing director of the company with the power to operate bank account obtained advances by way of loan etc. The first petitioner purchased certain lands to the extent of 9 acres by virtue of sale deed executed on 21-1-1992 and further lands of 1.55 acres and 1.37 acres for the company, for the purpose of carrying on mining activities. These lands were bought out of his own personal funds in the name of the company on the understanding that mining operation in the land would be carried on for the benefit of the company. An agreement was entered into with the respondent No. 2 b