Rajeswara Rao Vittanala, Member - (1.) This Company Petition bearing No. 42 of 2011 (which is hereinafter referred to as Company Petition for brevity) was initially filed by M/s. Mahalaxmi Infra Ventures (India) Private Limited and Sh. Y. Harish Chandra Prasad, in June, 2011, before the then Company Law Board, Chennai Bench, at Chennai. On the constitution of NCLT Bench at Hyderabad for the cases pertaining to the States of Andhra Pradesh and Telangana, the case is transferred to this Bench. Hence, I have taken the case on records of this Bench and deciding it.
(2.) The Company petition was heard on several dates by the company Law Board, and it was finally transferred to this Bench on 11.07.2016. Accordingly, the case was started listing before this Bench from 25.07.2016 onwards, and it stands adjourned several dates on 16.08.2016, 31.08.2016, 23.09.20.6, 05.10.2016. when none appeared for petitioner on 05.10.2016, the case was directed to be posted under the caption for Dismissal on 07.10.2016, and on this date too, neither the petitioners nor their representative appeared and represented the case, and this the case was dismissed for default. Afterwards, the petitioners have filed C.A. No. 38 of 2016 by seeking to restore C.P. No. 42 of 2011, and after being satisfied the reasons cited for (heir absence, the C.A. was allowed by the Tribunal by an order dated 03rd November, 2016 by restoring the Company Petition on file. Subsequently, the case was posted on 29.11.2016, 15.12.2016 and 29.12.2016. On 29.12.2016, all counsels got ready and argued the case finally and thus orders are reserved.
(3.) The Company Petition was filed under Sections 397, 398 of the companies Act, 1956 by inter alia seeking the Tribunal to declare; the alleged Board Meetings of Respondent No. 1 Company held on 28th May 2010 and 23 September 2010 allotting the shares to the Respondent No. 8 to 10 as illegal and void and consequently to direct Respondent No. 1 to rectify register of members of the Respondent. No. 1 Company pursuant to cancellation of allotment of shares; to grant permanent injunction against the Respondents from altering the share capital in any way and not to increase the share capital till further orders of this Hon'ble Board; to declare the removal of the petitioner No. 2 as Director of the Respondent No. 1 Company without deciding the rights of the petitioner No. 1 & 2 as null and void etc.;