case law CL 22

THE appellant is left with .36% shares in the company and he filed a suit under 241. my doubt is two folded..first did he file a suit for O & M as 241 is for this only. second how can he file a suit under 241 because he just had .36 percent shares which does not fulfill the criteria for eligibility to file a suit

1. The appellant filed a suit because OBO Germany (Holding Company) made attempts to buy out the shares of the appellants u/s 236 of the Companies Act, in spite of their resistance. 2. Petition was maintainable as one of the criteria u/s 241 stated that the petition was maintainable if not less than one-tenth of the total number of members had filed an application making grievances of oppression and mismanagement. Thus appellants were eligible to file petition on the basis of the number of members.

Answer given by Shubhamm Sir at 30-Nov-2022 06:46 PM