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2013 (4) TMI 162 - CHENNAI LAW BOARDApplication u/s 44 Company Law Board Regulations, 1991 - application challenging the maintainability of the above company petition – eligibility criteria is not fulfilled u/s 399 of the Act – Held that - In the present case, The petition has been filed by a single shareholder and therefore the above criteria are not fulfilled by the petitioner on the ground that to meet the requirements of the above criteria there must be not less than 100 members and not less than 1/10 of its members. I hold the same is not applicable in the present case. The next criterion to meet the requirement to maintain a petition, in the very same provision, is that any member or members holding not less than 1/10th of the issued share capital of the company provided that the applicant or applicants have paid all calls and other sums due on their shares. There is no dispute in respect of all calls having been paid by the respondent/petitioner. respondent/petitioner is holding 12,00,000 equity shares of Rs. 10/- each constituting less than 1/10 of the issued, paid-up share capital of the Company. Therefore, the petition is not maintainable.
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