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TMI Blog2020 (3) TMI 266X X X X Extracts X X X X X X X X Extracts X X X X ..... , are auctioned and transferred to the successive bidder. Therefore, the Petitioner admittedly ceased to be Member of the Company by virtue of auction of his shares. Therefore, until and unless, he get back his shares, after succeeding his legal battle he is prosecuting, as mentioned supra he cannot maintain Company Petition. Therefore, Petition can be disposed of by granting liberty to the Petitioner to approach the Tribunal, after becoming member of the Company. Petition disposed off. - C.P. NO. 422/BB/2018 - - - Dated:- 27-11-2019 - Rajeswara Rao Vittanala, (J) Member And Ashutosh Chandra, (T) Member arvotham P. for the Petitioner. Aman N.L. and Aakash Sherwal for the Respondent. ORDER Rajeswara Rao Vittanala, CP.No.422/BB/2018 is filed by Mr. Ramegowda K.A. ( Petitioner ) U/ss. 241, 242 R/w sections 210, 212 and 213 of the Companies Act, 2013 against M/s. Vegus Super Specialty Hospitality Private Limited 7 Ors. ( Respondents ) by inter alia, seeking following reliefs: i. To direct and call for the records on the file of the 7th Respondent and 8th Respondent; ii. To direct call for the record of payment made regularly by the Petitioner ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (3) It is submitted that on 05.06.2012, a Loan Agreement was executed and the Petitioner's Chit Fund Accounts No. PG-1/2 and PG-1/3 amounting to ₹ 2.05 crores held with the 6th Respondents office at Jayanagar Branch was given as collateral for the 5th Respondent and the Petitioner was forcefully made a co-obligant and surety as he was one of the Directors of the 1st Respondent Company and holding 22% shareholding in 1st Respondent Company. In the meanwhile, the 1st and the 2nd Respondent defaulted in repaying the EMI payments and the amount overdue to 5th Respondent consisting of principal ₹ 38,37,289 and interest being ₹ 34,59,381. Consequent to the above, the Petitioner being co-obligant and the surety, his dues towards 5th Respondent was ₹ 28,82,126 consisting of principal ₹ 15,15,848 and interest being ₹ 13,66,478. In all, the 1st Respondent Company was in due of ₹ 1,43,11,959 to the 5th Respondent. And on 11.01.2016, 5th Respondent is filed a recovery suit before 7th Respondent against the 2nd Respondent for recovery of the sum due of ₹ 22,02,071/- along with interest @ 18% amounting to ₹ 18,19,016/- totalling to S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the alleged resignation from the Board by the Petitioner. On 26.02.2018 the Petitioner filed an Application under section 105(1)(a) of the Karnataka Co-operative Societies Act read with section 13 of the Appellate Rules before the Hon'ble Karnataka Appellate Tribunal and accordingly obtained a stay on the proceeding of the auction of the shares of the Petitioner in the 1st Respondent Company which subsists as on date. 3. The Company Petition is opposed by the Respondent Nos. l to 4 by filing Statement of Objections dated 26.06.2019, by inter alia raising the maintainability of the Company Petition on the ground that the Petitioner is not a shareholder/member in the 1st Respondent Company. He does not possess the necessary qualifications'/s 244 of the Companies Act, 2013, and hence does not have the locus standi to maintain this Petition. The Petitioner's remaining shareholding was auctioned by the Court of law, and accordingly his shares were transmitted to the auction purchaser. This is indicated in the current shareholding of the 1st Respondent Company as indicated in MGT-7, 2018.Threfore, he ceased to be shareholder of the Company. 4. The Respondent No.8 (Assi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is Petition. The Petitioner only with an intention to harass the Respondent has filed the above Petition as the other Respondents are his close relatives and his family members only. 5. Heard Shri Sarvotham .P, learned PCS for the Petitioner and Shri Aman.N.L with Shri Aakash Sherwal, learned Counsel for the Respondent Nos. 1 to 4. We have carefully perused the pleadings of both the parties and extant provisions of the Companies Act, 2013 and Rules made there under. 6. In the lights of the above preliminary objections raised by the Respondent, it is necessary to examine the preliminary objections about the maintainability of the main Company Petition. In order to maintain an Application/Petition filed U/s. 241 of the Companies Act, 2013, the Petitioner has to fulfil the requisite conditions as prescribed Under 244 of the Act, which reads as under: Right to apply under section 241 244 .. (1) the following members of a Company shall have the right to apply under Section 241, namely:- (a) in the case of a Company having a share capital, not less than one hundred members of the Company or not less than one tenth of the total number of its members, whichever is less, o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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