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2017 (1) TMI 743 - Tri - Companies LawNon-applicant-Company Petitioner locus standi to institute the Company Petition - Held that:- The Company has the paid up capital of ₹ 9, 15, 000 as mentioned in para 2.2 of the Company Petition. It is equal to 91,500 shares of ₹ 10/ each. The Petitioner’s holding of 500 shares comes to 0.54% of the total equity i.e. less than 1/10th. Such holding does not qualify the petitioner under sec. 399 to maintain the Company Petition under sections 397 and 398 of the Act. The Petitioner (non-applicant) has no locus standi to file the petition under sections 397 and 398 of the Companies Act. So far as rectification of Members’ Register is concerned, it involves intricate issues like fraud, manipulation and fabrication of records, which have to be adjudicated by Civil Court only and this Tribunal in a summary enquiry is not competent to decide those questions. So far as cancellation of the sale of property is concerned, already civil suit is pending and this Tribunal cannot decide that issue on the principle of subjudice.
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