2010 (9) TMI 913

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.... on June 22, 2010, by the respondent/petitioner, representing himself and another 104 shareholders. The challenge is against a special resolution passed at the extraordinary general meeting held on April 29, 2010, for preferential issue of 35 lakhs shares at a price of Rs. 30 per share to the applicants/respondents in company petition. The main grievance is related to the pricing of shares at Rs. 30 vis-a-vis the book value of Rs. 65 as on March 31, 2009. 3. The applicant wants to dismiss the company petition at the preliminary stage on the following grounds : (i)The names and details of the persons who consented to the filing of the company petition are not disclosed. (ii)Proof of shareholding of the respondent or the consenting s....

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.... the consent letters given by 104 members, not only contain the names, address and number of shares held along with folio numbers, but also authorise the filing of the company petition with regard to proposed preferential issue of 35 lakhs equity shares of Rs. 30 each as per the extraordinary general meeting held on April 29, 2010. It is contended that among the 105 shareholders there are several shareholders holding 100 number of shares and above and that the 105 shareholders are spread over various cities in India and there is no extra engineering or orchestrated transfer and the consent letters are genuine, original and can be verified. 5. The criteria for deciding the applicability of section 399 of the Act is whether there is a cons....