Bikki Raveendra Babu, Member - (1.) This is a composite petition filed by divorced wife of 2nd respondent under Section 58 and 59 and Section 241 and 242 of the Companies Act, 2013 challenging the transfer of 200 shares held by her in the first respondent company to the 3rd respondent on 15.03.2013; challenging the increase in authorised share capital of the first respondent company from Rs. 1.00 lac to Rs. 10.00 lacs on 27.08.2015; allotment of 9000 shares of the first respondent company to respondent No. 6 on 29.01.2016; challenging siphoning of funds of the first respondent company and attempts to sell and transfer of assets of the first respondent company.
(2.) The facts in brief that are necessary for adjudication of the issues involved in this petition are as follows: -
(3.) Agal family, during 1987, promoted the first respondent company. Petitioner is husband of 2nd respondent till their marriage was dissolved by decree of divorce on 12.01.2001. Agal family consist of five major members including the petitioner till she was divorced. The first respondent company is a family company. There is no dispute about the fact that originally petitioner and respondents No. 2 to 5 were holding 200 shares each in the first respondent company. Authorised capital of the company waRs. 1.00 lac divided into 1000 shares of Rs. 100/- each till it was increased to Rs. 10.00 lacs on 27.08.2015.;