241. Application to Tribunal for relief in cases of oppression, etc

(1) Any member of a company who complains that—

(a) the affairs of the company have been or are being conducted in a manner

prejudicial to public interest or in a manner prejudicial or oppressive to him or any

other member or members or in a manner prejudicial to the interests of the company;

or

(b) the material change, not being a change brought about by, or in the interests

of, any creditors, including debenture holders or any class of shareholders of the

company, has taken place in the management or control of the company, whether by

an alteration in the Board of Directors, or manager, or in the ownership of the

company’s shares, or if it has no share capital, in its membership, or in any other

manner whatsoever, and that by reason of such change, it is likely that the affairs of

the company will be conducted in a manner prejudicial to its interests or its members

or any class of members,

may apply to the Tribunal, provided such member has a right to apply under section 244,

for an order under this Chapter.

(2) The Central Government, if it is of the opinion that the affairs of the company are

being conducted in a manner prejudicial to public interest, it may itself apply to the Tribunal

for an order under this Chapter.