Bhagwati Developers Pvt. Ltd vs Peerless Gen.Finance ...

The Supreme Court addressed the maintainability of a Company Petition under Sections 397 and 398 of the Companies Act, 1956, ruling that the petitioners must hold at least 10% of the total shareholding to maintain such a petition. The Court upheld the High Court's dismissal of the petition on the grounds of maintainability, emphasizing that the appellant lacked locus standi as a stranger to the proceedings. The Court clarified that the dismissal of the appeals by the Chatterjee brothers did not affect the appellant's right to file independent appeals, but the original dismissal was justified.