V.S.R. Avadhani, Member - (1.) This Company Application is filed by the petitioner in the Company Petition which itself was filed under Sections 397, 398, 403 & 406 of Companies Act, 1956 (since repealed by Companies Act, 2013) We feel it is not necessary to make intricate reference to the conflicting claims in the main company petition except to have a little focus on the core controversy to facilitate us to dispose of the present application.
(2.) The petitioner complains that without his knowledge and by fabrication of documents, he was removed from his directorship under the alleged minutes of the Board dated 01.09.2007 and on the same day a resignation letter was pressed into service as if he had tendered resignation o the directorship In the rejoinder filed by the petitioner he has further asserted that he had not tendered resignation, nor did he sold or transferred his shares to the second respondent or did he had withdrawn the consideration from the Bank by either signing or affixing his thumb mark are on the receipts or voucher. His contention therefore is, all these documents are forged.
(3.) The Respondents' contention is that the petitioner had sold away his shares to the 2- respondent and tendered resignation and the same was accepted by the Board and the same was communicated to the bank for record purpose and the consideration for the sale of equity shares was also withdrawn by the petitioner from the back duly signing and affixing his thumb mark on the receipt and he came forward with this frivolous proceeding.;