B.S.V.PRAKASH KUMAR,MEMBER (J) - (1.) THE petitioner filed this CP against R1 Company and other Respondents under sections 397 & 398 of Companies Act 1956 alleging that the answering Respondents in the management have been acting prejudicial to the interest of the petitioner who has 25% stake in the company, therefore he has sought the reliefs as mentioned in the company petition.
(2.) R1 company was incorporated with an authorized share capital of Rs. 10,00,000/ - (Rs. Ten Lakhs) divided into 1,00,000 equity shares of Rs. 10/ - each and paid up capital of Rs. 1,00,000/ - (Rs. One Lakh) divided into 10,000 shares of Rs. 10/ - each, to carry business of developing a group residential housing project called "Shri Ram heights" at Rajnagar Extension, Ghaziabad (Khasra No. 1174, 1177 Noornagar, Ghaziabad, U.P. admeasuring 16700 sq. yards).
(3.) THE petitioner and R2 -R4 took over this company in the month of August 2011 from the previous management. The petitioner, since then, has been continuing as director and shareholder of R1 Company holding 2500 shares of Rs. 10/ - each aggregating 25% of the total paid up capital of the Company. R2 &4 are directors of the company holding 3000 shares of Rs. 10/ - each aggregating to 30% each, R3 is also director holding 1500 shares of Rs. 10/ - each aggregating to 15%, whereas R5 is only a director.;