HON’BLE SRI JUSTICE K. LAKSHMAN COMPANY APPEAL No.14 OF 2014

JUDGMENT

Heard Dr. P. Bhaskara Mohan, learned counsel for the appellant, Mr. Vikram Pooserla, learned Senior counsel, representing Mr. Malipeddi Abhinay Reddy, learned counsel appearing for respondent No.1, Mr. N. Jeevan Kumar, learned counsel appearing for respondent Nos.2 and 3 and Mr. Maneesh Mahinwith, learned counsel appearing for respondent No.9. There is no representation on behalf of respondent Nos.4, 6, 8, 10 to 17. Notice served on respondent No.5 returned un-served with an endorsement ‘addressee left’.

2. The present appeal is filed under Section 10F of the Companies Act, 1956 (hereinafter referred to as ‘the Act’) challenging the order dated 24.02.2012 passed by the Company Law Board (herein after ‘CLB’), Additional Principal Bench, Chennai, in Company Petition No. 19 of 2008 filed by the appellant herein, who is the founder-Director of respondent No.1 Company, under Sections 397 and 398 of the Act, seeking relief against alleged acts of oppression and mismanagement by respondents Nos.2 to 7.

3. FACTS OF THE CASE i) The appellant, a founder director of M/s. Nectar Laboratories Limited (herein after Company), ins