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S.BALASUBRAMANIAN
Shri Gauri Shankar Kayan – Appellant
Versus
East India Investment Co. (P. ) Ltd. – Respondent
1. The petitioners collectively holding 0.0016 per cent shares in M/s. Birla Corporation Limited (29th respondent-the company) have sought for an investigation into the membership of the company in terms of section 247(1A) of the Companies Act, 1956 (‘the Act’) for determining the true persons who are financially interested in the success or failure of the company or who have been able to control or materially influence the policy of the company. They have also sought for, as an interim measure, imposition of certain restrictions on the shares held by the respondents 1 to 28 in the company, in terms of section 250(2) of the Act.
2. The case of the petitioners is : The company is a part of M.P. Birla Group and has always been known as a Birla company. The respondents 1 to 28 hold, collectively among themselves, 63.8 per cent shares in the company. Respondents 1 to 19 are incorporated companies and respondents 20 to 28 are charitable institutions/societies. All these entities were under the control and management of M.P. Birla till 1990 when he expired. Thereafter, his wife Mrs. Priyamvada Birla came to be in control of these entities. She died in July, 2004. Since these entities
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