COURT ON ITS OWN MOTION Vs. AJAY YADAV

JUDGEMENT

(1.) A company petition was filed by M/s. Shaheed Memorial Society (Regd.) ( 'the Society ' for short) through its Secretary against M/s. Capital Land Builders Private Limited ( 'the Company ' for short) before the Company Law Board under Sections under Sections 100 & 111 of the Companies Act, 1956 (hereinafter referred to as the said Act) in the year 1997. The Society claimed that it was a shareholder of the company and its name had been wrongfully removed as a member. The original authorized capital of the company was stated to be one lakh divided into 1000 equity shares of Rs.100 each and paid up capital of Rs.56,000/- with two subscribers Shrimati Satya Chaudhary wife of Chaudhary Brahm Prakash holding 10 shares and Mr. Kishor Lal Sachdeva holding 5 shares. Chaudhary Brahm Prakash is stated to have acquired 500 shares out of the total share capital of 560 shares in the year 1962 for which three certificates were issued and these 500 shares held by Chaudhary Brahm Prakash in the Company were transferred to the Society of which he continued to be the President till his death. The Society claimed allotment of 150 additional shares apart from these 500 shares.

(2.) THE pleadings before the Company Law Board showed that the fight was really between two groups which arose after the demise of Chaudhary Brahm Prakash in the year 1989.

(3.) MR .Ajay Yadav is the brother-in-law of Mr.Ajay Chaudhary. Mr. Ajay Yadav issued this letter during the pendency of the petition under Section 111 of the said Act with Ajay Yadav 's address being shown as the Company 's address. This letter was placed before the Company Law Board on 29.05.2006 and the Society sought to withdraw the petition which permission was granted and the petition was dismissed accordingly.