- (1.) THIS is a petition under Section 155 of the Companies Act, 1956.
(2.) BRIEFLY, the case of the petitioner is that it is a private limited company registered under the Companies Act, 1956, hereinafter referred to as "the Act". Similarly, the respondent is also a private limited company. The petitioner has been holding 490 equity shares in the respondent-company of Rs. 1,000 each. It is averred that the managements of the petitioner and the respondent were more or less in the same hands. The petitioner was controlled by the group of Shri Pavittar Singh till October 21, 1979, when Col. P. S. Dhillon (through whom the present petition has been filed) was elected to that office. The management of the respondent is still in the hands of Shri Pavittar Singh and his group.
(3.) IT is further averred that when the group of Shri Pavittar Singh was in power, that group sold the said shares to Shri Pavittar Singh, his sons and his brother-in-law. The case of the petitioner is that the shares belonging to the petitioner still continue to belong to it and it cannot be accepted that these have been transferred in favour of any one else as the alleged transfer is illegal and void. Consequently, the petition has been filed for rectification of the register of shareholders.;