Ratakonda Murali, Member - (1.) The Application was originally filed before the Company Law Board, Southern Region, Chennai under section 397/398, 402, 406, 409, 543-545 of the Companies Act, 1956 by the petitioner against the Respondents herein. Consequent upon the establishment of National Company Law Tribunal Bench at Bengaluru, the said case was transferred to this tribunal on abolition of Company Law Board, Southern Region, Chennai Bench and numbered as T.P. No. 28/2016.
(2.) The averments of the Company petition are briefly described here under:- The authorized share capital if the 1st Respondent Company as on 31/03/2010 is 10,000 equity shares of face value at Rs. 10/- each. The issued, subscribed and paid up capital is 10,000 equity shares amounting to Rs. 1,00,000/- at Rs. 10/- each.
(3.) The petitioner is a qualified shareholder of the 1st Respondent Company and that, he was authorized to initiate proceedings. The 1st Respondent is a company engaged in the business of providing non-destructive testing products entailing assembling and testing of engineering components. The petitioner being shareholder and Director was attending to technical operations of the company. The 2nd Respondent was dealing with management, day to day affairs, banking and finance of the company. 4th Respondent is an auditor. 2nd Respondent was appointed as Director with effect from 01/04/2009. The 3rd Respondent who is none other than the father of 2nd Respondent was 1st appointed Director under original articles of Association of the Company. He was also subscriber to the Memorandum of Association along with the petitioner. After 2nd Respondent was inducted as Director, the 3rd Respondent demit the office of Director voluntarily with effect from 1st April 2009. Surprisingly the 3rd Respondent proclaiming himself that, he was Director on the board. Petitioner did not know as to how he became again Director of the Company. The 4th Respondent is the Auditor who assisted initially at the time of formation of the company and obtained DIN and digital signatures not only for Respondents but also to the petitioner.;