DINESH SUD Vs. STITCHWELL QUALITEX PVT LTD

JUDGEMENT

(1.) THIS is an appeal filed under Section 10F of the Companies Act, 1956, the order impugned being that of the Company Law Board passed on 04.07.2011 in Co. Pet. No.10/111/2009, in an application filed by the appellant herein under section 111(4) of the Act for rectification of the register of members.

(2.) M /s. Stitchwell Qualitex Pvt. Ltd., the first respondent herein, is a company incorporated on 23.07.1980. Its initial shareholders were members of the family of S.N. Sud ­ S.N. Sud himself, his son Dinesh Sud who is the appellant herein and Ms. Manju Shiv Sud, his daughter (and sister of the appellant). Each of them held 50 equity shares of Rs.10 each. In the year 1983, the issued share capital was raised to 10,000 shares of Rs.10 each. These shares were held as follows: Ms. Manju Shiv Sud 2000 shares, S.N. Sud 2500 shares, Mrs. Krishna Sud, the wife of S.N. Sud 3000 shares and Dinesh Sud 2500 shares. No physical share certificates were given to them, apparently because they were all family members.

(3.) ON 01.10.1993, the appellant resigned from the directorship of the company. Mrs. Krishna Sud, his mother, died intestate on 03.01.1995 and S.N. Sud, his father, died on 11.02.2001, leaving a will dated 25.06.1998.