CHANDRA KUMAR P. ASHER Vs. TIRUPUR TEXTILES PRIVATE LIMITED AND ORS.

JUDGEMENT

(1.) HEARD learned Counsel for the parties. The present application is filed by the applicant who is the 4 respondent in company petition No. 3 of 2007 seeking an order to transpose himself as one of the petitioners.

(2.) ORIGINALLY the company petition was filed by the petitioners (respondents No. 9 & 10 in this application) under Section 397/398 of the Companies Act, 1956 ("the Act") alleging certain acts of oppression and mismanagement in the affairs of the Company by the respondents. The company petition was filed before this Bench in the month of January, 2007. Learned Counsel duly representing respective respondents entered appearance and filed their counter statements before this Bench in the month of January, February and March 2007 respectively. The applicant has filed his Counter statement dated 22.02.2007 individually denying the averments and allegations made in the company petition.

(3.) SHRI T.K. Bhaskar, learned Counsel for the applicant while initiating his arguments on facts of the case submitted that the circumstances which led to file the present application is that admittedly the applicant is a director of the first respondent Company since, 1969. His father (late) Shri P.D. Asher was one of the first directors named under the article of association of the Company and he died on 04.10.1973. That the applicant became the director of the first respondent Company on 19.12.1969 (reply statement para 3), however he stated that he was appointed as a director after the death of his father. Presently, he is the only shareholder outside the family of GTK (respondents and petitioners in company petition) and the shares were transmitted in his name after the death of his father. He is a stranger to GTK family and intimated to the second respondent that he is not keen in continuing as shareholder and would like to sell his shares.