SUMIT JAIN Vs. ALLIANCE DERMATOLOGICAL P. LTD.

JUDGEMENT

(1.) THE main grievance of the petitioner holding one -third of the paid -up capital of M/s. Alliance Dermato -logical P. Ltd., is that he has been illegally removed as a director applying the provisions of Section 283(1)(g) of the Companies Act, 1956 ("the Act").

(2.) THE facts of the case are that in May 2001, the petitioner, the second and third respondents formed a partnership in the name and style of Alliance Laboratories with equal contribution of one -third each. The business of the firm was trading and marketing of drugs and cosmetics. For raising loans for business purposes, a property jointly owned by the third respondent to the extent of 25 per cent., the father of the third respondent to the extent of 30 per cent, and the mother of the petitioner to the extent 25 per cent, was given as a collateral security with the bank. All the three of them had also given personal guarantees. The said firm was converted into a company being the first respondent -company in June, 2007, with a total paid -up capital of Rs. 15 lakhs comprising of Rs. 5 lakhs, contributed by the petitioner, the second and third respondents each. Around March 2008, disputes and differences had arisen between the three shareholders who were also directors of the company.

(3.) HEARD Shri Anil Thakur, advocate for the petitioner and Shri Tikku, senior advocate for the respondents. Shri Thakur reiterated the averments/allegations made in the petition and sought for grant of the reliefs prayed for in the petition.