JUDGEMENT
B.C.Mitra, J. -
(1.)This is an application for various ad interim reliefs in a company petition under Sections 397, 398, 402 and 403 of the Companies Act, 1956. The material facts relating to this application are set out hereunder.
(2.)In 1906, a company known as Bengal Luxmi Cotton Mills Ltd. (hereinafter referred to as the company) was incorporated, with the object of purchasing a cotton spinning and weaving mill in Bengal or elsewhere and to buy cotton, silk, jute, etc., for carrying on the business of spinning yarn. In 1922, the applicant No. I came in contact with one Sachidananda Bhattacharjee. These two persons started various business and industrial concerns. In 1927, the company was in financial distress and became indebted to the Imperial Bank of India in the sum of Rs. 21,00,000. It was at that time that the applicant No. 1 is alleged to have come to the rescue of the company by taking over the managing agency. In 1930, the applicant No. 1 and Bhattacharjee by their combined efforts started an insurance business and promoted the Metropolitan Insurance Co. Ltd. They also promoted the Calcutta Friends Society (Private) Ltd., Bengal Luxmi Soap Works (Private) Ltd. and Metropolitan Printing and Publishing House (Private) Ltd. The shares in all these companies were held by the applicant No. 1 and Bhattacharjee in equal proportion. Bhattacharjee died in 1945, leaving him surviving his widow and four sons of whom Debendranath Bhattacharjee, the respondent No. 2, was the eldest.
(3.)The managing agency of the company was originally taken jointly by the applicant No. 1 and Sachidananda Bhattacharjee. Thereafter, they promoted a private company known as Bengal Textile Agency Ltd., which took over the managing agency of the company and continued to act as such managing agent till 1957, when the managing agency of the company came to an end by reason of the requirement of the Companies Act, 1956.
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