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TMI Blog2010 (9) TMI 913X X X X Extracts X X X X X X X X Extracts X X X X ..... other 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 shareholders is not produced. (iii)The letters of consent are not genuine and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d 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 consent by the requisite shareholders prior to the filing of the company petition. In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on in determining the issue of maintainability of the company petition. The fact that some of the persons have acquired shares, subsequent to the cause of action is not a ground in deciding the maintainability issue. Since there is a consent prior to the filing of the company petition, I can only hold that this company petition is maintainable under section 399 of the Act. 6. In view of the above finding, the application is only to be dismissed. I do so. In result C. A. No. 114 of 2010 stands dismissed. The respondents will file counter to the company petition within four weeks. Within three weeks thereafter, the petitioner will file his rejoinder. The company petition posted for hearing on December 6, 2010, at 10.30 a.m. - - TaxTMI - ..... X X X X Extracts X X X X X X X X Extracts X X X X
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