Manorama Kumari, Member - (1.) The instant Company Application bearing No. 285/2016 is filed by the Respondents/Applicants under Regulation 44 of the Company Law Board Regulations, 1991 in April, 2016, challenging the maintainability of the Company Petition bearing No. 12/2016 filed by the petitioner/non-applicant under Sections 58 & 59 OF THE Companies Act, 2013 and under Sections 397,398, 402 and 403 of the Companies Act, 1956. On perusal of the Company Petition, following facts emerges: The allegation by the petitioner is with regard to illegal issue and allotment of 690 shares to Respondent No. 2 and his family members over the year 1980 to 2012 without sending notice of the Annual General Meetings/Extraordinary General Meetings and without offering any shares to the petitioner and other existing shareholders which has reduced the petitioner's shareholding from 31.36% to 4%.
(2.) It is further alleged that the respondents have sold industrial land of Respondent No. 1 Company situated at Gaziabad over the years 2003-2004 to 2013-2014 at throwaway sale price without knowledge and consent of the petitioner.
(3.) On receipt of the notice, the Respondent No. 3 appeared and filed the instant application with regard to the maintainability of the Company Petition on ground of delay and laches apart from other grounds and prayed for dismissal of the Company petition No. 12/2016.;