APPLICATION TO TRIBUNAL FOR RELIEF IN CASES OF OPPRESSION

COMPANIES ACT, 1956

Section 397 - APPLICATION TO TRIBUNAL FOR RELIEF IN CASES OF OPPRESSION

(1) Any members of a company who complain that the affairs of the company are being conducted in a manner prejudicial to public interest or in a manner oppressive to any member or members (including any one or more of themselves) may apply to the 1 [Tribunal] for an order under this section, provided such members have a right so to apply in virtue of section 399. (2) If, on any application under sub-section (1), the 1 [Tribunal] is of opinion- (a) that the company's affairs are being conducted in a manner prejudicial to public interest or in a manner oppressive to any member or members ; and (b) that to wind up the company would unfairly prejudice such member or members, but that otherwise the facts would justify the making of a winding up order on the ground that it was just and equitable that the company should be wound up ; the 1 [Tribunal] may, with a view to bringing to an end the matters complained of, make such order as it thinks fit.