Dismisses legal heir’s claim on assets of partnership firm converted to co.
CLB dismisses a shareholder’s oppression & mismanagement petition, seeking to direct respondents (director of pvt ltd co.) to disclaim properties which were acquired by the co. on its conversion from partnership firm ( wherein petitioner’s father and respondents were partners), holds that “a shareholder of the company is not entitled to claim any right with respect to the company’s assets”; Rejects petitioner’s contention that on death of his father (partner), he inherited the property, thus, property could not be converted into co’s property; Observes that petitioner was not inducted as partner and on conversion was only a shareholder, thus, he only has right to profits of business of company; With respect to petitioner’s contention that he was not served with AGM notice, observes that petitioner was not residing in India and his USA address was not furnished to company, thus holds that in such circumstances, respondent cannot be held liable for oppression & mismanagement; Separately, also observes that petitioner had concealed information regarding conversion of partnership into co., holds that petitioner had approached with unclean hands, thus, petition liable to be dismissed on that ground itself: Mumbai CLB
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