Bikki Raveendra Babu, Member - (1.) This petition is filed by a shareholder of the first respondent company who is holding 27.24% of the paid up share capital of the first respondent company seeking the following reliefs. (a) to direct respondents to file DIR - 12 for appointment of four Directors appointed by shareholders in requisition meeting held on 06.05.2016. (b) to direct respondents not to act against the interest of the first respondent company. (c) to direct Directors/shareholders to act as per terms of sanction letter of the bank. (d) to direct investigation in the affairs of the first respondent company under Section 235/237 of the Companies Act, 1956. (e) to pass order to buy shares of the petitioner or respondent at the prevailing price of the assets of the first respondent company determined by independent valuer (f) to award cost of the petition
(2.) Facts in brief that are necessary to adjudicate the controversies involved in this petition as narrated in the pleadings are as follows:-
(3.) The first respondent company had four Directors originally and they are petitioner, respondent No. 2 to 4. The loan account of the first respondent company with Bank of Baroda became NPA from March 2015. It is alleged by the petitioner that annual return for the year 2013 has not been filed by the first respondent company. It is also alleged by the petitioner that respondents filed false criminal case against him and harassed him. Therefore, in order to purchase peace, the petitioner resigned as Director of the first respondent company on 14.09.2015.;