In a company petition by a minority share holder u/s. 397/398 of the companies act, mismanagement and oppression has been alleged against the managing director. The allegations include diversion of funds and orders of the company to a proprietary concern owned by the MD's wife. During the pendency of the proceedings before the CLB, the MD (one of the respondents in the company petition) dies. Now the Petitioner in the company petition has made an application for impleadment of the Proprietary concern (owned the deceased MD's wife) in the main company petition. Is the application maintainable? Are there any judicial decisions against such impleadment?
