Ravikumar Duraisamy, Member - (1.) The Company Petition No. 5 of 2015 filed by the Petitioner Ms. Sri Rajarajeswari, under Section 59 of the Companies Act, 2013, read with Companies (Removal of Difficulties) Order 2013, dated 26.09.2013 questioning the transfer of 15,000 shares from Respondent No. 2 to Respondent No. 3 on 11.03.2010, and sought the following reliefs: "To set aside the purported transfer of 15,000 Equity share of Rs. 10/- each from the 2nd Respondent to the 3rd Respondent allegedly on 11.03.2010, as being illegal and in violation of the Articles of Association of the 1st Respondent Company and consequently direct the 1st Respondent Company to rectify its Register of Members and direct that the cost of this Petition be awarded to the Petitioner"
(2.) The brief facts of the case are that the Company viz., Amaravathi Textiles Private Limited was initially registered as a private limited company on 20.08.1983. The Company was converted as a Public Company on 01.07.1996 and later on again reconverted as a Private Limited Company on 05.02.1997.
(3.) The main objects of the company are business of Textile Manufacturing etc., The Authorised Share Capital of the Company is Rs. 1,70,00,000/- (Rupees One Crore Seventy Lakhs only) divided into 17,00,000 (Seventeen Lakhs) Equity Shares of Rs. 10/- each. The Issued, Subscribed and paid Up capital is Rs. 1,60,00,000/- (Rupees One Crore Sixty Lakhs only) divided into 16,00,000 (Sixteen Lakhs) equity shares of Rs. 10/- each.;