Breach of contract would not constitute ingredients of a complaint under sections 397,398, 402 & 403 of Companies Act, 1956

SUPREME COURT OF INDIA, In cable Net (Andhra) Ltd. Vs. AP Aksh Broadband Ltd., Special Leave Petition No. 9110 of 2008, Date- May 7, 2010 JUDGMENT ALTAMAS KABIR, J. 1. The Petitioners herein filed Company Petition No.69 of 2006 before the Additional Principal Bench of the Company Law Board at Chennai under Sections 397, 398, 402 and 403 of the Companies Act, 1956, alleging mismanagement and oppression by the majority shareholders of the first respondent Company. Various reliefs, including reconstitution of the Board of Directors of the said Company, were prayed for. By its ord...