Bikki Raveendra Babu, Member - (1.) Shree Sadguru Switch-gears P. Ltd. was incorporated on August 13, 1991. Mrs. Jayshree J. Vyas (wife of the petitioner) and Mrs. Varsha S. Trivedi (respondent No. 1) were first directors of the company. The paid-up share capital of the second respondent-company was Rs. 2,49,000 consisting of 24,900 equity shares each of Rs. 10 fully paid-up.
(2.) This petition seeking reliefs under sections 397 and 398 of the Companies Act, 1956 is filed by the petitioner who is holding four equity shares in the second respondent-company. It is stated in the petition that, out of the 24,900 shares, Mrs. Jayshree J. Vyas (14,920 shares), M/s. Upendra I. Vyas (holding two shares) and Uday I. Vyas (holding two shares) making total of 14,928 equity shares constituting 59.95 per cent of the total paid-up capital of the company. It is also stated that there are 17 members in the second respondent-company.
(3.) According to the petitioner, his wife Mrs. Jayshree J. Vyas and sons M/s. Upendra I. Vyas and Uday I. Vyas have given consent in writing for filing petition vide consent letter--annexure P2 and, therefore, the petitioner is eligible to file this petition under section 399 of the Companies Act, 1956.;