STRAW PRODUCTS Vs. REGISTRAR OF COMPANIES

JUDGEMENT

(1.) THIS is a petition under Section 17 of the Indian Companies Act (Act I of 1956)filed on behalf of M/s. Straw Products Limited (hereinafter called the Company)having its registered office at Jayhaypur, Rayagada in the district of Koraput for confirmation of the alterations in the Memorandum of Association of the Company.

(2.) THE petitioner-Company was register, ed on the 6th August, 1938 under the provisions of the Companies Act, 1913 as a Company Limited by shares. It is engaged in the manufacture of writing and printing paper and straw board etc. The authorised capital of the Company is Rs. 5,00,00,000 divided into 2,00,000 7% Cumulative Redeemable Preference Shares of Rs. 100 each and 30,00,000 ordinary shares of Rs. 10 each. The objects for which the Company was formed are set out in Clause 3 of its Memorandum of Association annexed to the petition as Annexure 'a'. The principal objects in brief are as under :-

(3.) SHORTLY after its incorporation the Company commenced business and has been carrying on its business all over the country. By a special resolution of the company (Annexure-'b') duly passed in accordance with Sub-section (2) of section 189 of the Companies Act, 1956 at the 27th Annual General Meeting of the members held on the 21st July 1966 at its registered office after due notice dated 18th June, 1966 (Annexure 'c') sent to the members of the Company as provided under the Act, it was resolved unanimously to amend Clause 3 (10) (VIII) of the company's Memorandum of Association by incorporating there in the words and terms 'political' and 'national and political'. The resolution provided for substitution of the following in place of Clause 3 (10) (VIII) :--