- (1.) THIS is a petition under Section 155 of the Companies Act, 1956, for rectification of the register of shareholders of the respondent company.
(2.) IT is averred that the petitioner was a promoter director of the company which was engaged in the business of manufacturing sports goods. It had its offices in India as well as in Indonesia. The petitioner had 95 shares of Rs. 100 each. The shares were shown in his name in the return filed with the Registrar of Companies on September 23, 1964. He continued to hold the office of director till June, 1969, when he was removed as a director. At that time, some dispute arose between the shareholders and the directors which was referred to the arbitrator at Surabaj (Indonesia), who gave his award against the petitioner and, inter alia, stated that the shop belonging to the company would be given to the petitioner and in lieu thereof, his shares would be cancelled. The petitioner had not signed any agreement for referring the matter to arbitration and thus the award was not binding on him. It was also challenged by Shri Mangal Singh (whose interests had been bracketed with the interests of the petitioner) and some others, up to the Supreme Court of Indonesia at Jakarta. The petitioner was impleaded as a pro forma respondent along with his wife in the appeal before the Supreme Court. The award was set aside by that court.
(3.) THE petitioner, after obtaining a copy of the judgment of the Supreme Court of Indonesia, sent it to the Registrar of Companies at Jullundur, for rectification of the register of shareholders as he came to know that the company had changed the register in view of the award given by the arbitrator. He received a reply from the Registrar of Companies that the matter had been taken up with the company and he would be informed of the developments in due course. However, nothing was done by the Registrar.;