The petition, filed by N C Bakshi and likely to be heard by the High Court tomorrow, alleged that the last AGM of the company was held on April 4, 2002 and no AGM has been held thereafter in violation of the mandatory provisions of law and the office bearers including its president Arun Jaitley have perpetuated themselves in their respective posts.
Under section 166 of the Companies Act, it was imperative for every company to hold its AGM every year while stipulating that not more than 15 months should lapse between two AGMs, Bakshi said.
Challenging a Company Law Board (CLB) decision vacating the interim order restraining DDCA from taking any decision, the petitioner before the High Court said the CLB completely overlooked the mandatory provisions of the Act.
DDCA had said that the construction of the stadium to make it ready for the Indo-Pak One-day match had completely pre-occupied them leaving little time for administrative work.
It had also said that various civil courts had restrained it from holding AGM while some had directed them to prepare the list of shareholders and proxies, which was a herculean task.
Terming these excuses as a "mere eyewash", the petitioner said if busy work schedule could be taken as a ground for not holding the AGM, then every company would take this excuse and give a go-bye to the mandatory provisions of law.