(1.) By this appeal under Sec. 10F of the Companies Act, 1956, the appellant (original petitioner no.1) has impugned the order dated 23rd Sept. 2013 passed by the Company Law Board, New Delhi Bench, New Delhi in CA No.471 of 2012 in C.P. No.70 of 2006 dismissing the CA No.471 of 2012 filed by the appellant and another inter alia praying for forensic examination of various documents to determine whether those documents were forged and/or bear forged signatures and for other reliefs. Some of the relevant facts for the purpose of deciding this appeal are as under.
(2.) It is the case of the appellant that some time in the year 1974-75, the respondent no.1 was purchased by 5 brothers of Gupta family namely Mr. Somdev Gupta, Mr. Nand Lal Gupta, Mr.Jagdish Lal Gupta (appellant herein), Mr.Subhash Gupta and Mr.Prem Gupta with joint family money. The shareholding of each brother was approximately 20% of the equity capital of the said company. The said company was incorporated on 28th Sept. 1966 under the name and style of 'Mohan Textile Industries Private Limited' with authorised capital of Rs.15 lakh divided into 15000 equity shares of Rs.100.00 each. The name of the said company was changed to 'Cameo Fabrics Ltd.' on 21st March 1968. The said company had taken a loan from Bank of Baroda to purchase the plant and machinery and for construction. The said company, however, failed to repay its loan instalments and to meet the salary payment to its employees.
(3.) It is the case of the respondent nos.1 to 5 that Shri Chandratan Mohta, Smt.Ashalata Mohta and Smt.Pushpavati Harkisondas (original promotors) of Mohan Textile Industries Private Limited agreed to sell the respondent no.1-company to the respondent no.2 i.e. Nand Lal Gupta for only Rs.2 lakhs at 80% discounted share value. After the takeover, the first Board of Directors consisted of two directors namely Shri Nand Lal Gupta, Managing Director, the respondent no.2 herein and Smt. Rama Gupta. Thereafter, Mr.Nand Lal Gupta, the respondent no.2 herein subscribed to all the said 2600 shares and brought in capital of Rs.2.6 lakh. With the allotment of said 2600 shares, the shareholding of Shri Nand Lal Gupta was increased from 20% to 36.51% on 8th Jan. 1987 and the total issued and paid up capital of the company increased from Rs.10 lakh to Rs.12.60 lakh.