S. Desai, A. G. Menseses, J. B. Dadchanji & Co. for respondents JUDGMENT The Judgment of the Court was delivered by BHAGWATI, J. These three appeals arise out of the same facts and it would, therefore, be convenient to dispose of them by a common judgment. The respondent in all the three appeals is one Haridas Mundra. He was at all material times the managing director of S. B. Industrial Development Co. (Pvt.) Ltd., who were the managing agents of a company called Richardson & Cruddas Ltd. He and his brother Tulsidas Mundra were also directors of Richardson & Cruddas Ltd. The Life Insurance Corporation of India, which was the largest shareholder, filed a petition in the High Court of Calcutta being Matter No. 357 of 1957 seeking relief against mismanagement of Richardson & Cruddas Ltd. under ss. 397 and 398 of the Companies Act, 1956. The respondent and other directors were impleaded as party-respondents to the petition. The High Court, on the application of the Life I

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