In Brief
Soul Jewels and others appealed against a High Court order upholding the Company Law Board's refusal to appoint a special auditor despite an interim grant of that relief. The Supreme Court dismissed the appeal, holding that while contractual rights to appoint a special auditor exist under the Shareholders' Agreement, they must be exercised reasonably and only when material financial irregularities are reasonably believed to exist. The Court found the applicant had not met this threshold and that appointment of a fourth auditor would hamper the company's operations. The Court found no reason to exercise discretionary jurisdiction under Article 136.
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