TaxTMI 
TaxTMI 
2004 (7) TMI 672
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....No. 2 and Mr. Pandey and they were to hold office till their life time or till they resign as per Article 23 of the Article of Association of the company. One of the directors Mr. Pandey resigned on 4.10.2000 and both the petitioner and Respondent No. 2 remained the only two directors with equal shareholding holding 10000 equity shares of Rs. 10 each. Both the directors were drawing a salary of Rs. 24,500 per month. Both had also advanced loans to the company. The Petitioner had advanced loan to the tune of approximately Rs. 75 thousand as on 31.3.2001. The company was carrying on the business of market research. 2. The learned counsel for petitioner submitted that differences arose in August, 2001 between the directors when Respondent No.....
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....he Companies Act has not been complied with. As per respondents the notices were sent under UPC on 3-12-2001, 17.12.2001, 2.1.2002 and 9.1.2002. The petitioner has submitted that Regd./UPC are fabricated and never received by the petitioner. The post office stamps affixed on the alleged notices are not genuine. The stamps indicate some extra words which has led to the false postal receipts, the alleged regd. letter has been posted on 17.12.2001 which happens to be the closed public holiday on account of Idul-Fitur and the said post office was closed on that clay. There are only two shareholders and there are the only two directors. The petitioner has not attended any Board Meetings and accordingly in his absence, the quorum of atleast two d....
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.... 2 who is a research professional and had held senior responsible position in top ranking research companies in India and abroad. While working as a research professional, the Respondent No. 2 came in contact with the petitioner who was a junior to him. Respondent No. 2 started his own venture in 1999 and the petitioner approached him that he was unsatisfied with his job and wanted a change. The Respondents No. 2 treated the petitioner as a good friend, and he offered the petitioner to join him to start a new company. The petitioner did not have the funds to contribute in setting up the proposed company. The respondent No. 2 offered to make the total investment required for setting up the company. Hence the respondent company was set up on ....
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....uld lead to chaos in the company as approximately 20-30 cheques were issued for clearance every day. The petitioner in collusion and connivance with Mr. Praveen Kumar increased the percentage holding of the Petitioner and delayed the completion of books of accounts, changed the return which was signed jointly to another return signed by petitioner alone and filed the same. In this manner, the petitioner alongwith the Chartered Accountant of his choice has colluded to hijack and manipulate the functioning of the company to his own interest. In one instance which the respondent No. 2 was able to find out that after the work for one of the client was completed by the company, M/s Vaishnavi Advertising, had issued a cheque No. 126959 dated 13.1....
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.... detrimental to the interest of the company. 4. The learned counsel for respondent prayed that the petition as filed by the petitioner is false and thus deserves to be dismissed. 5. I have considered the arguments of the Learned Counsel of both the sides, it is seen from the records that the petitioner holds 10000 equity shares of Rs. 10 each fully paid up aggregating to Rs. 1 lakh which constituted 50% of the subscribed and paid up capital of the company. The Article 23 of the Articles of Association of the company mentions that the first directors of the company who shall subscribe to the Memorandum and Article of Association of the Company and who shall hold office till their life lime or till they resign are namely; S/Shri Mr. Jayant ....