M/S NORTHERN PROJECTS LTD. vs BLUE COAST HOTELS & RESORTS LD.. — SLP(C) No. 12753/2008

Summary: The Supreme Court dismissed Northern Projects Ltd.'s Special Leave Petition challenging the Bombay High Court's order. The petitioner, holding only 2.01% of Blue Coast Hotels & Resorts' total issued share capital, was found ineligible to maintain the petition under Sections 397/398 of the Companies Act, 1956, which required ownership of at least one-tenth of issued share capital. The Court upheld the lower courts' findings that the petitioner's 14.8% equity shareholding was irrelevant since "issued share capital" includes both preference and equity shares. The petition was dismissed, leaving the petitioner free to pursue other available legal remedies. This case analysis is maintained by casestatus.in based on publicly available court records.