9911796707
TMI Blog2006 (8) TMI 312X X X X Extracts X X X X X X X X Extracts X X X X ..... the paid-up capital and the balance 83.32 per cent were held by the respondent-group. This shareholding pattern continued till fresh shares were issued on 9-12-2002 - 9760 additional shares were allotted to Mr. Lakhbir Singh and after the said allotment the shareholding of the appellant got reduced from 16.66 per cent to barely .004 per cent. 3. It is admitted by the counsel for the parties that further shares were issued on 9-12-2002, pursuant to the direction given by the Ministry of Company Affairs that minimum paid-up share capital of a company should be Rs. 1 lakh. 4. Disputes and differences arose between the appellant on one side and Mr. Surjit Singh and Mr. Lakhbir Singh on the other side and in June 2004 a petition under se ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... out that directions have also been given with regard to payment of arrears of the salary payable to the appellant at the rate of Rs. 30,000 per month after adjusting Rs. 2.50 lakhs which was given in advance as imprest amount to the appellant. It is stated that no account has been rendered by the appellant for Rs. 2.50 lakhs. 8. During the course of hearing, however, the learned counsel for the respondents agreed and has given a concession that the valuation of 40 shares held by the appellant can be made on the basis of paid-up share capital prior to issue of further shares on 9-12-2002. 9. I have examined contentions of the parties. The appeal under section 10F of the Act is maintainable only on a question of law and not on a quest ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... knowledge and information. This is factually incorrect. 12. It is also an admitted fact that the appellant is now working on his own and has floated two companies in competitive business. 13. In these circumstances, I find that directions issued by the CLB for valuation of shares held by the appellant are justified. The CLB has also issued directions for payment of arrears of remuneration at the rate of Rs. 30,000 per month. The question whether Rs. 2.50 lakhs, which was advanced to the appellant and has been duly accounted for, is a matter of accounts. This Court need not go into this aspect. If required, the appellant and the respondent can approach CLB. 14. With regard to allegation of siphoning and diversion of funds of Rs. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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