R.P. Nagrath, Member - (1.) The instant petition has been filed by the petitioner under Sections 397, 398, 402, 403 and 406 of the Companies Act, 1950 (for short to be referred here-in-after as the 1956 Act). The Company petition filed before the Company Law Board is dated 06.10.2015 and received or transfer by the Tribunal on 26.07.2016.
(2.) Respondent No. 1 Company was incorporated under the Companies Act, 1956 (for Short to be referred as '1958 Act') on 29.05.1992. The main objects of the Company were to manufacture, process, treat and deaf in leather, leather cloth, plastics, oil cloth, linoleum, tarpaulins saddles, garments, gloves, purses, saddler, harness, travelling bags, springs, boot and shoe, leather dressers, tanners and every description of leather goods and leather chemicals.
(3.) It is the admitted case of the parties that as on 31.3.2014, respondent No. 2 had 10480 equity shares being 35.35%, respondent No. 37020 equity shares (23.66%), the petitioner had 10850 equity shares (36.50%) and Madhan Mohan impleaded as respondent No. 4 had 1300 equity shares (04.38%) Respondents No. 2 and 4 are the brothers and respondent No. 3 the sister of the wife of the petitioner. It is also not disputed that Smt. Nasib Kaur mother of petitioner, who died on 27.7.2011, was earlier the shareholder along with the respondents, but management of the Company was being run by Jatinder Kumar (R-2) and Pushpa Devi (R3). The petitioner became the shareholder after the death of his mother and on his retirement from Government service in the year 2013. The R-2 and R-3 are Directors of the Company since 22.9.1994 whereas the petitioner was appointed as promoter Director on 21.12.2013. Form 32 in this regard is Annexure P-2. It is stated that after the petitioner became a shareholder, he started taking interest in the affairs of respondent No. 1 Company and asked R-2 and R-3 for inspection of statutory books/record of the Company, However, the statutory books were found missing from the registered office and never made available to the petitioner till the filing of this petition on 6.10.2015.;