9911796707
TMI Blog2003 (2) TMI 396X X X X Extracts X X X X X X X X Extracts X X X X ..... vide letter dated 30th September, 1999. 2. The 2nd respondent, Dr. Hari Krishan Budhia was the applicant, who filed a petition under section 186 of the Companies Act, 1956 seeking directions against 1st respondent, M/s. Bihar Foundry and Castings Limited (hereinafter referred to as "the Company") to convene an Extraordinary General Meeting for the purpose of proposed resolution dated 12th March, 1999. Other consequential direction, such as appointment of a Chairman for the purpose of holding and conducting meeting was also sought for. 3. The case of the applicant (2nd respondent) before C.L.B. was that the Company was incorporated on 11th November, 1971 and registered with the Registrar of Companies, Bihar, having authorised capit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ld his and his family members shares, he continued to be a Director of the Company and started acting wrongfully and illegally to the prejudice and detriment of the Company. While on the one hand he failed or neglected to handover the share certificates and to execute the transfer deeds in respect of 72,550 equity shares in favour of applicant (2nd respondent), started making and publishing false statements with regard to the applicant (2nd respondent) and other Directors of the Company and its management to various authorities including the bankers of the company with mala fide intention and object of injuring the Company and its business as also the Directors of the Company. The applicant (2nd respondent) served upon the Company a re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dhia was the 4th respondent before C.L.B. He controverted all the allegations. According to him, there were three Directors of the Company till 27th September, 1996, namely, Shri Pyarelal Chopra, Dr. Hari Krishan Budhia and Shri Devendra Kumar Budhia. After resignation of Shri Pyarelal Chopra, there was no Board duly constituted. The appellant, Devendra Kumar Budhia had been pursuing the matter with the applicant (2nd respondent) and had written letters to him but no response was received. From the records of Registrar of the Companies, Bihar, the appellant, Devendra Kumar Budhia could understand that Smt. Aruna Budhia and Shri Sanwarmal Lath were inducted as Directors of the Company on 30th July, 1996 though no Board meeting was held by th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... preferred by one of the Director of the Company, it was accepted. Taking into consideration the other relevant facts and circumstances of the case that the applicant (2nd respondent) was a registered shareholder having holding 1,90,050 fully paid-up equity shares represents 42.23% of the paid-up share capital; said Director had served the Company requisition notice dated 12th March, 1999 under section 169 of the Act for convening the extraordinary general meeting for the purpose of considering and passing a resolution to remove the appellant, Devendra Kumar Budhia from the Directorship of the Company, the Board of Directors convened meeting on 20th March, 1999 but because of opposition made by appellant, Devendra Kumar Budhia for passing s ..... X X X X Extracts X X X X X X X X Extracts X X X X
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