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Kasturi Sons Ltd CLB Order 22122010

Kasturi Sons Ltd CLB Order 22122010

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Published by savethehindu
The Company L:aw Board pronounced this order on 22-October-2010 with regard to the Family quarrel at THE HINDU newspaper.
The Company L:aw Board pronounced this order on 22-October-2010 with regard to the Family quarrel at THE HINDU newspaper.

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Published by: savethehindu on Apr 25, 2011
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04/25/2011

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BEFORETHECOMPANYLAWBOARDCHENNAIBENCH
CP.No.25/2010
Decidedon:22.10.2010Present:
Smt.LlZAMMAAUGUSTINE,MEMBERINTHEMAnEROFTHECOMPANIESACT,1956(1OF1956)SECTIONS397,398,,402,403,404,406
&
SCHEDULEXIR/WSECTION9
ANDINTHEMATTEROF
MIs
KASTURI
&
SONSLIMITEDPETITIONERS:
r.
MrN.Murali(HUF)2.MrN.Murall3.MrN.Ravi(HUF)4.MrN.RaviS.MrsTaraMurali6.MrM.Krishna
7.
MsKantaMurali
8.
MrsSudhaRavi
9.
MsAparnaRavi
10.Mis
SerendipityInvestmentsPvtLtdRESPONDENTS:
1.
Mis
Kasturi
&
SonsLimited
d
2.MrN.Ram3.MrK.Balaji4.MrK.VenugopalS.MrsLakshmiSrinath6.MrR.Ramesh7.MrsVijayaArun8.MrsAkilaVijayIyengar9.MrsNirrnalaLakshman10.DrNaliniKrishnan11.MsMaliniParthasarathy12.MsVidyaRam13.MrNarayanLakshman
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PARTIESPRESENT:
1.Mr'SudiptoSarkar,SeniorCounsel...forPetitioners2.MrKrishnaSrinivasan,SeniorCounsel)3.Mr.P.Dwarakesh,Counsel)
4:
Mr.A.R.Ramanathan,Counsel)5.MrS.N.Mookherjee,SeniorCounsel)6.Mr.K.ManojMenon,Counsel)7.Mr.S.ArunKumar,Counsel)....forRespondents1
&
38.Ms.Swarnam
J.
Rajagopalan,Counsel)9.Mr.
C.
AryamaSundaram,SeniorCounsel)10.MJS.Raghunathan,Counsel)l1.Mr.D.R.Raghunath,Counsel)12.Mr.B.GiridharaRao,Counsel)13.MsT.Poornam,Counsel)...forRespondentsNo.2,4to1014.Mr.J.R.Jayant,Counsel)15.Respondent11remainedexparte
ORDER
1.KasturiandSonsLimited,foundedin1878andlaterrunby
MIS
I
KasturiSrinivasanandKasturiGopalanasapartnershipfirm,wasincorporatedon21February1940.Thecompanywasmanagedasa"quasi-partnership"andhadabroadunderstandingofequal
I
representationandshareholdingamongthefourdescendantfamiliesoftheKasturibrothers-G:Narasimh~nandG.Kasturi(sonsofK.Gopalan)andS.ParthasarathyandS.Rangarajan(sonsofK.Srinivasan).Each
\
familyholds25percentofthepaid-upcapitalofthecompanythroughtheirmembersandinvestmentcompanies,ason8April2010,thedatethepetitionwasfiled.In1991,theboardwasexpandedfromnineto12,toaccommodatethreemembersfromeachofthefourfamilies.Sincethecompleteimplementationoftheagreementin2000,theboardcomprises12members.Theboardhasfiveeditorialdirectors,including
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the2
nd
respondent,N.Ram,whobecametheeditor-in-chiefinJune2003.2.Thepetitionisfiledundersections397,398,402,403,404,406andScheduleXIr/wsection9oftheCompaniesAct,1956(hereaftertobereferredtoas'theAct').PetitionersbelongtothebranchofinheritorsofShriG.Narasimhan,whowasoneofthefourcousinbrothers.ThepetitionersallegeoppressionandmismanagementbyRespondents2to10.Itallegesfailuretoimplementaneditorialframeworkofretirementandsuccession,bywhichthe2
nd
respondent
,
shouldhaveretiredaseditor-in-chiefofallpublicationswhenheturned65on
4
May2010,givingwaytohisbrotherand
4th
petitionerN.Ravi,asagreedtobytheeditorialmembersoftheboardon25September2009.Ataboardmeetingon18February2010,whenPetitioners2and4circulatedadocumentoncorporategovernanceandretirementageoffamilymembers,the2
nd
respondentsaidhedidnotagreetotheretirementplan.3.Thepetitionsaystheappointmentofthe
rz"
respondent,thedaughterofthe2
nd
respondent,astheEuropeancorrespondentof'BusinessLine'andtheappointmentofthe13
th
respondent,sonofthe
s"
respondent,astheWashingtoncorrespondentof
'TheHindu'
violatedvariousprovisionsoftheCompaniesAct.TheappointmentswereobjectedtobyPetitioners6,7and9,inalettertotheboardon19September2009.ThepetitionsaystheofficeoftheEuropeanCorrespondentfor'BusinessLine'wasaredundantposltionandthe
ia"
respondentwasnotqualifiedforthepostoftheWashingtonCorrespondent.ItalsosaysPetitioners2and4agreedtotheappointmentsataboardmeetinginviewofthecommitmentmadeby
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