Paid-up capital increased to Rs.2 crores; allegations of fraudulent share allotment prompt audit for fund siphoning claims.

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Full Text of the Document

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....Oppression and Mismanagement - increase in the paid-up capital from Rs.1 crore to Rs.2 crores in the Extraordinary General Body Meeting - Allegation of fraudulent allotment of shares in respect of the increased share capital against the appellant. - The procedure of allotment of shares found as correct - However, directions issued for conducting audit against allegation of siphoning of funds maintained - SC....