Mohd. Sharief Tariq, Member - (1.) Under adjudication is C.P. No. 24 of 2011 that has been filed under sections 397, 398, 402, 111, 237, 210, 220, 260, 291 and 292 of the Companies Act, 1956. There are two petitioners and four respondents. The first respondent-company, viz., M/s. Seaqueen Builders P. Ltd., was incorporated on January 2, 1995 with CIN No. U45201KL2005PTC008520. The registered office of the first respondent-company is situated at 32/2982 B, Sahrudaya Building, Ponnurunni, Vyttila P.O., Ernakulam-682 019. The main objects of the first respondent-company is to do real estate or property developers whether by development of land or in any other manner including filling of land, laying of roads and construction of buildings.
(2.) Petitioner No. 1 is holding 59,000 of shares in the first respondent-company. Petitioner No. 2 is an ex-director of the first respondent-company and holds 1,000 shares. They together hold 60,000 shares out of the 95,000 issued shares of the first respondent-company as on March 31, 2008 representing 63 per cent, of the issued capital of the first respondent-company. Therefore, they fulfill the requirements under section 399 of the Companies Act, 1956, for filing this petition.
(3.) Under challenge is the allotments made on April 25, 2008 and August 11, 2010. Besides this, the petitioners have challenged the continuation of respondent No. 3 as director and appointment of respondent No. 4 as director of the first respondent-company. The shareholding pattern of the first respondent-company as on September 30, 2005 is reproduced as follows: The above shareholding pattern continued till March 31, 2008. The copies of the annual return as on September 30, 2005 and September 29, 2007 are placed on the file and marked as annexure P5.;