NAND KUMAR SINGH Vs. INDICA COMPOSITE PRIVATE LIMITED

JUDGEMENT

(1.) Heard learned counsel for the parties.

(2.) This appeal under Section 10(F) of the Companies Act, 1956 is directed against the order dated 24.09.2013 passed by the learned Company Law Board(CLB), Kolkata Bench in Company Petition No. 04 of 2012.

(3.) The appellant herein approached the CLB under section 397,398,399,402 and 403 of the Act of 1956 inter alia asserting as follows:- That petitioner is the Promoter- Director of the Respondent Company and the virtual owner of the Company. The Respondent Company was incorporated on 01.11.1999 to carry on the business of manufacture and sale of automobile components. The directors and subscribers of memorandum of the Respondent Company were (a) Nand Kumar Singh (petitioner);(b) Narayan Jha;(c) Kavita Mishra;(d) Rajeev Ranjan Singh (respondent no.2) and (e) Rakesh Kumar Singh(respondent no.5). All the aforesaid persons subscribed 500 shares each of Rs.10/- aggregating Rs.25,000/- comprised in 2,500 shares of Rs.10/- each against the authorized capital of Rs.20,00,000/- divided into 2,00,000 shares of Rs.10/- each. The paid up share capital as per the annual return for the financial year 2005-06 was Rs.1,75,000/- divided into 17,500 shares of Rs.10/- each as per the details of the shareholdings furnished as under:-