2. The genesis of the present appeal relates to a land in Kasauli, Dist.
Solan, Himachal Pradesh. The land was owned by the appellant/family of
the appellant/respondent No.3. Some of the persons being part of the
Appellant Group entered into an MOU dated 21.12.2005 with Mr.Vikram
Bakshi. The project was a joint venture between the Appellant Group and
Bakshi Group. There was to be some transfer of share holding in favour of
CO.A(SB) 26/2008 Page 1 of 21
Bakshi Group. Pursuant to the MOU, Mr.Vinod Surha and Mr.Wadia
Prakash, nominees of Mr.Vikram Bakshi were appointed as additional
directors of respondent No. 3 Company.
3. Disputes arose between the parties. Mrs. Sonia Khosla wife of the
appellant filed a petition under Sections 397 and 398 of the Companies Act,
1956 before the Company Law Board (CLB). The allegation of Mrs.Sonia
Khosla in the petition was that she held 49% shares in the Company which
have been reduced to 36% and that the affairs of the Company were being
managed in a manner being oppressive to the minority shareholders.
Source: Indian Kanoon