SYNCHRON MACHINE TOOLS (P) LTD Vs. UMSURESH RAO

JUDGEMENT

(1.) This petition is filed under sections 397 and 398 of the Companies Act, 1956 (hereinafter referred to as "the Act"), for the following reliefs :

(2.) The petitioner is a member of the first respondent-company, Synchron Machine Tools Pvt. Ltd. (hereinafter referred to as "the company"). The registered office of the company is situated at 48/D, 'N' Block, Third stage, Rajajinagar, Bangalore-10. The company was incorporated under the Act on 17 March, 1975. The nominal capital of the company is Rs. 5,00,000 divided into 500 equity shares of Rs. 1,000 each. The paid- up capital of the company is rupees one lakh. The petitioner holds 38 equity shares of Rs. 1,000 each fully paid. Thus, the shareholding of the petitioner exceeds 10 per cent. of the paid-up share capital of the company which as already pointed out is rupees one lakh. Consequently, it may be pointed out at the outset that, the petitioner satis- fies the requirement of section 399(1)(a) of the Act to maintain the petition under sections 397 and 398 of the Act.

(3.) The objects of the company, as stated in the memorandum of association, are manifold and they are as follows :