G. RAMESH AND ORS. Vs. REGISTRAR OF COMPANIES

JUDGEMENT

(1.) THESE petitions are filed under Section 633(1) and (2) of the Companies Act, 1956, read with Rule 11(a)(23) of the Companies (Court) Rules, 1959.

(2.) IT is stated that the petitioner was appointed as a director of the company by name M/s. P. K. Vaduvammal Finance and Investment P. Ltd. It is stated that the petitioner continued as a director till his resignation on November 14, 1996. The name of the company stood changed to M/s. Vaduvammal Finance Ltd. (hereinafter referred as "the company") on May 19, 1997.

(3.) IT is submitted that originally the authorised capital of the company is Rs. 4,00,00,000 fully divided into 40,00,000 equity shares of Rs. 10 as on March 31, 1997. On January 11, 1995, the private limited company became a public limited company. On March 20, 1995, the company decided to make a public issue of 15 lakhs equity shares of Rs. 10 each at par aggregating to Rs. 1.5 crores. The reasons for which the company invited public subscription are as follows: