INCABLE NET(ANDHRA) LIMITED vs AP AKSH BROADBAND LTD..

The Supreme Court upheld the dismissal of the Company Petition No.69 of 2006 under Sections 397, 398, 402, and 403 of the Companies Act, 1956, affirming the findings of the Company Law Board and the High Court that there was no mismanagement or oppression by majority shareholders. The Court emphasized that the CLB had adequately considered the evidence and applied the law correctly, leading to the conclusion that no substantial question of law arose. Consequently, the Special Leave Petition was dismissed, maintaining the status quo of the company’s governance.