K K SOMANI Vs. D K SOMANI

JUDGEMENT

(1.) These are three connected special appeals under Chapter VIII, Rule 5 of the High Court Rules against the order dated 22nd December, 1982, passed by a learned single judge in Company Petition No. 12 of 1982, on an application for temporary injunction.

(2.) After the conclusion of arguments on April 27, 1983, we passed a brief order allowing the appeals partly and we are giving the detailed reasons.

(3.) The facts giving rise to these appeals are that O. P. No. 1, Somani Steels Ltd., is a company incorporated under the provisions of the Companies Act, 1956. The issued capital of the company is Rs. 50,00,000 in 5 lakhs equity shares of Rs. 10 each. The paid up capital is Rs. 49,63,000. O. P. No. 2, R. K. Somani, is the managing director. The following pedigree gives the details of Somani family which holds more than 50 per cent. of shares. <FRM>JUDGEMENT_46_TLALL0_1983Html1.htm</FRM> D.K. Somani, petitioner, gave an application under Section 155 of the Companies Act, 1956 (to be referred hereafter as "the Act"), for the rectification of the register of opposite party No. 1, Somani Steels Ltd. The application was contested by opposite parties Nos. 1, 2, 3 and 5.