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2011 (8) TMI 969 - Board - Companies LawOppression and mismanagement - maintainability petition - petitioners did not have the requisite qualification under section 399 to maintain the company petition under sections 397, 398, 402, 403 - Held that:- Even though a subscriber to the memorandum is a member in terms of section 41, but without the consideration for the shares he cannot be treated as a member for the purposes of section 399. A reading of the section would indicate that only a member can apply provided all calls and other sums due on the shares held have been paid. Section 399 not only specifies that there should not be any pending dues on the calls made, it also provides that no other sum should also be due on the shares. shareholder could establish allotment of shares not only by the register of members of the company, but also by the statutory returns and documents maintained and filed by the company, it is not open to the company to contend that the petitioner has not complied with the requirements of section 41(2) or the provisions of section 399. An objection as to the maintainability of the petition is only to be allowed at an initial stage if there is absolutely no doubt that the petition is not maintainable. instant petition is not to be dismissed at the threshold.
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