RAJU GROVER Vs. KALATI CONSTRUCTIONS (P.) LTD.

JUDGEMENT

(1.) THE petitioner has filed this composite petition by invoking the provisions contained in section 59 of the Companies Act, 2013 (section 111 of the Old Act, 1956) read with sections 397, 398 and 402 of the Companies Act, 1956 ('the Act') seeking a declaration to the effect that the petitioner is a lawful owner of 2005 equity shares of Rs. 1,000 each. It is further prayed that an order be passed thereby directing the respondents to rectify in the register of members of the company by reinstating the name of the petitioner in place of the respondent Nos. 3 and 4 in respect of the shares -in -question. The petitioner has also alleged certain acts of oppression and mismanagement purportedly committed by the respondent Nos. 2 to 7 in the conduct of the affairs of the respondent No. 1 -company ('the company') and has sought various reliefs under section 402 of the Act as contained in the petition.

(2.) THE respondents appeared and filed their reply. Initially, the respondents have challenged the maintainability of the petition and sought its dismissal, inter alia on the following grounds:

(3.) REFERRING the above mentioned, it has been pleaded that for transfer of the said shares, the petitioner has received the consideration of Rs. 5,05,000 for 505 equity shares of Rs. 1,000 each from the respondent No. 3 and Rs. 15,00,000 for 1500 equity shares of Rs. 1,000 each from the respondent No. 4, i.e., totally a sum of Rs. 20,05,000 was received by the petitioner from the respondent Nos. 3 and 4, as is evident from the statements of account issued by the Union Bank of India reflecting the said payment to the petitioner. It is further stated by the respondents that the said shares were duly transferred in the name of the respondent Nos. 3 and 4 and the name of the petitioner was deleted from the list of members of the company, and since then the petitioner is no longer a shareholder/member of the company. It is, therefore, submitted that the petitioner is not entitled to file the present petition.