BHAGWATI DEVELOPERS PVT. LTD. vs PEERLESS GEN.FINANCE INVEST.CO.LTD.&ORS.

The Supreme Court addressed the maintainability of a Company Petition under Sections 397 and 398 of the Companies Act, 1956, ruling that a petition is not maintainable if the combined shareholding of the petitioners and consenting parties is less than 10% of the total shareholding. The Court upheld the High Court's dismissal of the petition on the grounds of maintainability, affirming that the appellant lacked locus standi to challenge the dismissal of the earlier appeals. Consequently, the appeals were dismissed, reinforcing the threshold requirement for filing such petitions.