- (1.) Cp 108/241-242/NCLT/MB/MAH/20l3 The case of the Petitioner is that it is a Company incorporated under the Companies Act and having 5,150 shares which is 10,30% of the total stake in the Respondent No.l Company. Petitioner No.2 holds 670 equity shares in his individual capacity and hold 10,089 equity shares as First Joint-holder with Mrs. Anjali M. Kharadkar, owns and holds a total of 8,831 equity shares as Second Joint-holder with Mr. Amol Chandekar, Mrs. Anjali M. Kharadkar, Mr. Jagdish Shankar Moley, Mr. Maruti Shivram Chavan and Mr. Asitosh Kharadkar respectively. It is also contended that the Petitioner No.2 currently owns and holds 21.52% of the total issued, subscribed and paid up share capital of :he Company, either in his individual capacity or as a First Joint-holder, and owns and holds 17.66% of the total issued, subscribed and paid up share capital of the Company as Second Joint-holder.
(2.) The Respondent No.l Company was incorporated on 01.04.1986 with an authorised share capital of Rs.50 lakh divided into 50,000 equity shares of Rs.100/- each. The issued, subscribed and paid-up share capital of the Respondent No.l Company is Rs.50 lakhs divided into 50,000 equity shares of Rs.100/-. The Company was originally promoted by Mr. Ishwarlal Mehta and Mr. Makarand Kharadkar who were the initial subscribers and the First Directors of the Company. The main objects of the Company is as follows:- "To manufacture, process, treat, coat, laminate, convert, cut, shred, reuse, recycle, dispose off, buy, sell, import, export, distribute, stock or trade in pulp, paper and paper boards including presspan paper and board, di-electric paper and board, leather oil paper, valcanised fibre board or such other paper and speciality paper base paper and boards"
(3.) It is alleged in the Petition that when the Petitioner No.l applied for duplicate share certificates from the Respondent No.l Company with respect to some shares which were purported to have been transferred to the Petitioner No.2, there was no response from the Company. It is an admitted position that even though the original share certificates are not available with either Petitioner No.l or Petitioner No.2, the Petitioner No.l is continued to be shown as a shareholder in the Register of Members. On 24.12.2013, an Extra-Ordinary Meeting of the Company was held and the Petitioner No.l was served with a Notice of the said Meeting. During the said Meeting Respondent No.2 and 3 sought to move a Resolution to increase the authorised share capital to Rs.1,10,00,000/-. However, majority shareholders voted against the said Resolution seeking to increase the authorised share capital. Petitioner No.1's efforts in not finding share certificates prompted him to issuer a letter dated 09.04.2017 for which there was no response from the Respondent Company, which act has been apprehended as an "oppressive" act prejudicial to the interest of the Company and the Petitioners.;