Balasubramanian, Vice-Chairman.—The substantive allegation in this petition filed under sections 397/398 of the Companies Act, 1956 (‘the Act’) in relation to the affairs of Tirath Ram Ahuja Limited is that the petitioners Group collectively holding 12 per cent shares in the company have been completely excluded from the management of the company in spite of its having been a part of the management for over 45 years.

2. According to the petitioners, the company which was incorporated in the year 1950 was all along being jointly managed by members of three families headed by Shri R.S. Tirath Ram Ahuja, Shri J.S. Chawla and Shri S.K. Bagai. None of the three is alive today. Even though the original subscribers to the Memorandum were late Shri Tirath Ram Ahuja and Late S.K. Bagai, yet, immediately after incorporation, Late Chawla was also inducted as a director and he continued to be so till his demise in 1996. Late Tirath Ram Ahuja was a permanent director and Chairman of the company as per the articles of association of the company. All the 3 were directors right from incorporation of the company on 28-2-1950 and the affairs of the company were being managed in line with partner