ROHIT SAHNI Vs. RICHLOOK INFRASTRUCTURE (P) LTD.

JUDGEMENT

(1.) THIS order governs Company Application No. 70/C1/2014 filed by R -1 and R -4, Company Application No. 71/C1/2014 filed by R -2 and Company Application No. 72/C1/2014 filed by R -3 which raise an identical question of maintainability of the petition in terms of section 399 of the Companies Act, 1956 (henceforth the Act) by alleging that the petitioner No. 1, Mr. Rohit Sahni, does not hold any shares in Richlook Infrastructure (P) Ltd. (henceforth the company). Admittedly, P -2, Mr. Jatin Sahni, a director on the board of the company, does not hold any share in the company. Mr. Ritesh Mehta, R -2, is a director and shareholder in the company holding 5000 equity shares of Rs. 10 each. Mr. Ramesh Mehta, R -3, father of R -2, and Mrs. Renu Mehta, wife of R -2, are directors in the company. The authorized, issued, subscribed and paid up share capital of the company on incorporation was Rs. 1 lakh consisting of 10,000 equity shares of Rs. 10 each. Mr. Amandeep Yadav and Mr. Anil Kumar were the initial subscribers holding 5000 shares each in the company on incorporation.

(2.) THE petitioners allege that in a board meeting of the company held on 22.2.2013 shares held by Mr. Amandeep Yadav and Mr. Anil Kumar were transferred in the following manner:

(3.) RESPONDENTS allege that the photocopy of the minutes of the meeting of the board of directors held on 22.2.2013 and EOGM held on 17.5.2013 as filed by the petitioners are forged and categorically denied. It is alleged that the petitioners have not placed any document statutorily required under section 108 of the Act to establish that they have purchased 4000 shares from Mr. Anil Kumar or to constitute legal transfer of such shares held by Mr. Anil Kumar in favour of the petitioner No. 1.