Ajay Rastogi, J. - (1.) COMPANY appeal Under Section 10F of Indian Companies Act, 1956 ("Co. Act") is directed against order dt.27/10/2008 passed by the Company Law Board New Delhi rejecting Company Petition -36/2006 filed by Appellant making allegations of certain oppression and mismanagement on the part of Respondent -1 (M/s RR Consortium (P) Ltd) being covered Under Section 397 and 398 of Co. Act.
(2.) APPELLANT filed petition Under Sections 397, 398, 402 and 403 of Co. Act against Respondent -1 Company and its Directors making allegations of certain oppressions and mismanagement on their part. As per material on record, Respondent -1 (Company) was incorporated in the year 1996 with authorized share capital of Rs. Five lacs divided into 50,000 equity shares of Rs. 10/ -each, which was increased to Rs. 25 lacs in June, 1996 and further increased to Rs. 50 lacs in March, 1997. Respondent -1 Company was established with the objects to purchase, acquire, convert, develop, improve, hold with absolute or limited rights or on lease, sublease or otherwise and to erect, construct, build, demolish, re -erect, alter, repair furnish and maintain land including agricultural land, building, houses, farms houses, residential flats, commercial complexes, etc. Counsel for Appellant has reiterated the self same submission having been urged before the Company Law Board and what has been contended by him is nothing but reappreciation of the facts having already been considered while arriving at a finding of fact by the Board under the order impugned.
(3.) AS alleged, only land/real asset of Respondent -1 (Co.) is a plot situated at Ashok Marg, C -Scheme, Jaipur admeasuring 1725 sq. yards which was purchased with defective title out of Rs. 22.5 lacs which was brought by the Appellant into the company in the year 1996 out of which one lac equity shares of Rs. 10/ -each of Respondent -1 (Co.) were allotted in favour of Appellant while balance amount of Rs. 12.5 lacs was retained by the Company. It was alleged that Appellant was promised with share holding in the Company in 50:50 ratio besides Directorship.;