COMPLAINT IN COMPANY LAW BOARD
vikas
(Querist) 05 December 2008
This query is : Resolved
DEAR SIR,
I HAVE AROUND 8% OF THE TOTAL EQUITY IN A PUBLIC LIMITED COMPANY. I AM NOT BEING ALLOWED TO ENTER THE PREMISES OF THE FACTORY AND ALSO I HAVE GIVEN A LOAN OF RS 10 LACS TO THE COMPANY.
PLAESE GUIDE ME WHETHER I CAN APPROACH THE COMPANY LAW BOARD OR HOW CAN I GET MY MONEY INVESTED IN SHARES AND LOAN GIVEN BACK
VIKAS
Prakash Yedhula
(Expert) 05 December 2008
A member of the company can approach the Company Law Board/Tribunal under Sections 397 and 398 of the Companies Act, 1956 (the Act), complaining that the affairs of the company are being conducted in a manner prejudicial to public interest or in a manner oppressive to the member(s). Section 402 of the Act confers powers on the Company Law Board/Tribunal to grant various reliefs where a petition for oppression and mismanagement is filed by a member of the company. While Sections 402(a) to (f) confer various specific powers, Section 402(g) provides that the Company Law Board/Tribunal may pass any order which in its opinion is just and equitable.
You can file a petition under section 397-398 before the Company Law Board on the ground of oppression and mismanagement and seek appropriate reliefs.
Manish Singh
(Expert) 08 December 2008
Dear SIR,
WITH DUE RESPECT I WISH TO SUBMIT THAT MEMBERS WHO HAVE 10 % OR MORE EQUITY IN THE COMPNAY ARE OLNY ENTITLED TO GO TO THE clb UNDER 397-98 AND IN THIS CASE HE MUST TAKE PERMISSION FROMN THE dept OF cOMOPANY AFFAIRS.
