C.P. No. 83 of 2012. Case: In Re: Reliance Industries Ltd. Vs. Company Law Board
| Case Number | C.P. No. 83 of 2012 |
| Judges | Vimla Yadav, Member |
| Issue | Companies Act, 1956 - Sections 163, 165, 166, 167, 168, 169, 170, 171, 172, 173, 174, 175, 176, 177, 178, 179, 180, 181, 182, 183, 184, 185, 186, 187, 188, 189, 190, 191, 192, 193, 194, 195, 196, 197, 169, 170, 171, 172, 173, 188, 188(1), 188(2), 188(2)(b), 190, 257, 284, 284(4) |
| Citation | 2013 (114) CLA 387 (CLB), 2013 (119) SCL 49 (CLB) |
| Judgement Date | June 04, 2012 |
| Court | Company Law Board |
Order:
Vimla Yadav, Member, (Mumbai Bench)
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In this order I am considering CP No. 83/284/2012 filed by Shri Anil Kumar Poddar against M/s Reliance Industries Ltd. and Ors. in pursuance to the liberty granted by the Hon'ble High Court, Bombay vide its order dated 25.5.2012 in Civil Writ Petition No. 1160 of 2012 to make an application before the CLB seeking stay of the AGM of Reliance Industries Ltd. scheduled to be held on 7.6.2012, the petitioner had sought leave to withdraw the Writ Petition before the Hon'ble High Court with liberty to move the CLB for appropriate reliefs. This matter was heard today at length. The Petitioner argued his case in person. R-1 and R-2 were represented by different counsels. It is noted that the petitioner has filed a company petition (not a company application) wherein the following reliefs and interim orders have been prayed for in para Nos. 9, 10 and 11 at pages 29 to 32 of CP No. 83/284/2012 which read as under:
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RELIEFS SOUGHT:
In view of the facts mentioned in paragraphs above, the Petitioner pray for the following reliefs:
(a) The Hon'ble Bench may be pleased to direct Board of Directors of R-1 Company to issue fresh notice of the 38th AGM along with the notice of Resolution of Special Business to remove Mr. Mukesh Ambani as a Director of R-1 Company after complying the provisions of section 284 of Companies Act, 1956.
(b) This Hon'ble Bench may be pleased to appoint some fit and proper person preferably Ex-judge of the High Court or the Hon'ble Supreme Court as a Chairman of the Meeting which is likely to be held in meeting to consider the notice of removal of Mr. Mukesh Ambani.
(c) This Hon'ble Bench may be pleased to direct Respondent Company to video record proceedings of the AGM to be held after giving notice of removal of Mr. Mukesh Ambani and submit the copy of the same to the Petitioner and this Bench and other members of the Company if they so require on payment of copy charges.
(d) This Hon'ble Bench may be pleased to direct the Board of Director to furnish full explanation for the question which may be arised by any of the shareholders including supplementary questions regarding affairs of the Company by giving them unlimited time.
(e) To annul the business if transacted if any on 7.6.2012 if meeting is held while petition is pending or the interim orders.
(f) Not to implement any of the resolutions passed at the 38th AGM to be held on 7.6.2012.
(g) Award exemplary cost to be paid by the Respondent Company to the Petitioner.
(h) Such further orders that this Hon'ble Court may deem fit and proper having regard to the facts and circumstances of the case and thus render justice.
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The Petitioner submits that the Bench was on leave and therefore it was not possible to file the Petition earlier to obtain any relief. The Petitioner further submits that since law point involved and whether the Company can take away the rights conferred by the Parliament under the statute or not will take considerable time to decide in the interest of justice the Petitioner is asking for following interim prayer.
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Interim Order, if any, prayed for
(a)...
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