ISSUE:
Whether Appellant had a fiduciary duty to inform Respondent regarding the benefit of opting for allotment of shares?
Was the issuance of 15000 additional equity shares and allotment of 6475 shares in favour of the Appellants valid?
Was there any act of oppression against the Appellant?
RULE:
According to section 397 of the Companies act, any member of a company who complains that the affairs of the company are being conducted in a manner prejudicial to the public interest or] in a manner oppressive to any member or members (including any one or more of themselves) may apply to the 1 Company Law board] for an order under this section, provided such members have a right so to apply in virtue of section 399.