C. VASUDEVAMURTHY Vs. ASSOCIATED OXIDES P. LTD.

JUDGEMENT

(1.) THE petitioner claiming 50 per cent. of the issued and paid -up capital of M/s. Associated Oxides P. Ltd. ("the company"), aggrieved on account of the alleged acts of oppression and mismanagement in the affairs of the company, has invoked the jurisdiction of the Company Law Board under Sections 397 and 398 read with Sections 402 and 403 of the Companies Act, 1956 ("the Act"), praying for, in terms of the amended petition, the following reliefs:

(2.) SHRI R. Murari, learned Counsel, appearing for the petitioner, while initiating his arguments in support of the petitioner, submitted:

(3.) I have considered the pleadings and arguments of learned Counsel. The main disputes are in relation to transfer of shares by the petitioner in favour of the third respondent, resignation of the petitioner from office of the director of the company and appointment of the third respondent as a director in the place of the petitioner. According to the petitioner, (a) share transfer form ; (b) letter of resignation ; and (c) letter of undertaking, all dated September 12, 2003, impugned in the present proceedings contain his forged signature and therefore, no valid title could pass in favour of the third respondent in respect of his 900 shares and the petitioner could not cease to be a director of the company on the basis of a forged letter of resignation. The respondents have raised the following preliminary objections: