BALKRISHAN GUPTA AND ORS. vs SWADESHI POLYTEX LTD. AND ANR.

The Supreme Court addressed the validity of a requisition notice under Section 169 of the Companies Act concerning an extraordinary general meeting of Polytex Company. The court held that the shares held by Cotton Mills Company, which were under the control of a Receiver appointed by the Collector, could not be counted for determining the requisite qualifications to issue the notice. Consequently, the court ruled that the extraordinary general meeting was not validly called, as the requisitionists lacked sufficient shares to meet the statutory requirement, thereby upholding the High Court's dismissal of the application challenging the requisitionists' rights.