HAFEZ RUSTOM DALAL Vs. REGISTRAR OF COMPANIES

JUDGEMENT

(1.) The applicants in these two applications are the Ex-Directors/Directors of Bahuma Polytex Ltd., a Company incorporated under the Companies Act, 1956 and have taken out these two judges summons separately seeking declaration from this Court that the applicants have acted honestly and reasonably and having regard to all the circumstances of the case, the applicants ought to be excused and be relieved from the liability arising out of the notices dated 21.06.2002 issued by the Registrar of Companies, the opponent herein.

(2.) The applicants have filed affidavits in support of the respective Judges Summons taken out by them in these two applications. Heard Mr. S.N. Soparkar, learned Senior counsel appearing with learned advocate Mr. Manish R. Bhatt for the applicants, Mr. Kamal B. Trivedi, learned Additional Advocate General and Senior Counsel appearing initially with Ms. P.J. Davawala and thereafter Mr. J.M. Malkan, learned Standing Counsel appearing for the Opponent.

(3.) It is the case of the applicants that Bahuma Polytex Ltd.was incorporated and registered on 12.11.1986 as a Private Limited Company. Consequent to the change in the status as a public limited company, a fresh Certificate of Incorporation was granted by the Registrar of Companies, Gujarat on 23.11.1990. The Company had issued a prospectus dated 06.05.1992 for the public issue of 22 Lacs Equity Shares of Rs.10 each at par aggregating to Rs.220 Lacs. The applicants were invited to become Directors of the Company and signatory to the prospectus.