(1.) IN this order I am considering Company Petition No. 47 of 2004 filed by Shri Prabhjit Singh Johar (petitioner No. 1) and another under Sections 397 and 398 read with Sections 402, 403, 406 and 408 of the Companies Act, 1956, against M/s. Johar Hotels P. Ltd. (respondent No. 1) and others alleging oppression and mismanagement.
(2.) M /s. Johar Hotels P. Ltd. (respondent No. 1) was incorporated on January 14, 1980, having its registered office at Baghat Barzulla, Srinagar, Jammu and Kashmir. The initial authorised capital of respondent No. 1 company was Rs. 5 lakhs while the issued subscribed and paid -up capital was Rs. 10,000 comprising of 100 shares of Rs. 100 each. The first promoter/directors and subscribers to the issue were petitioner No. 1 and respondent No. 2; holding 50 shares each of face value of Rs. 100. The control and management of the company was divided equally between petitioner No. 1 and respondent No. 2. It has an authorised share capital of Rs. 18,00,000 divided into 18,000 equity shares of the value of Rs. 100 each. The main objects of respondent No. 1 company are to carry out the business of running hotels.
(3.) FURTHER , it was pointed out that the land at Gulmarg, in Kashmir is a leasehold property in respect of which a lease deed was executed by the State of Jammu and Kashmir in favour of late Shri Surinder Singh Johar. The State Government has by order dated October 15, 1981, recognised petitioner No. 1 and respondent No. 2 as successors in interest and conferred the remaining interest in the lease property jointly and equally in their favour. The land on which the hotel is constructed is still in the name of both. In order to advance the interest of the family, in 1980 Johar Hotels P. Ltd. (in short "JHPL") was incorporated and an application was made to the State of Jammu and Kashmir to give its consent to mortgage the interest in the Gulmarg land in favour of Jammu and Kashmir State Financial Corporation and other financial institutions for the purpose of raising loans for its project of establishing and running a five star hotel.
ABOUT US "REGENT COMPUTRONICS PVT. LTD." is a Company incorporated in 1991 under the provisions of the Companies Act, 1956. Since its inception to 1995, the Company was busy in carrying out the activities related to various Banks' Job Work..
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