SURESH KUMAR MANCHANDA Vs. PRAKASH ROADLINES LTD

JUDGEMENT

(1.) This appeal is directed against order dated 1st of March, 1991 passed by the learned Company Judge (Shivaraj Patil, J.) whereby Company Petition No. 87 of 1990 under Section 155 of the Companies Act seeking rectification of the Register of Members of the first respondent has been dismissed. Before proceeding any further, it is necessary to briefly state a few facts relevant to the disposal of this appeal.

(2.) The respondent-Company was incorporated under the Indian Companies Act, on 26th June, 1961. It became a deemed Public Company with effect from 15th June, 1988, and is engaged in business of carriage and distribution of merchandise in India and elsewhere by motor trucks, etc.

(3.) The company has an authorised share capital of Rs. 50 lakhs divided into 50,000/- equity shares of Rs. 100/- each. Out of the total authorised capital a sum of Rs. 30 lakhs has been subscribed and fully paid. Appellant No. 1 on whose behalf this appeal has already been dismissed as withdrawn was holding 1,500 equity shares of Rs. 100/- each whereas appellant No. 2 on whose behalf alone the present appeal survives holds 783 equity shares.