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2018 (5) TMI 573 - AT - Companies LawAppellant eligibility to file an application under sections 397 & 398 of the Companies Act, 1956 (now Section 241 of the Companies Act, 2013) - whether the Applicant/Appellant is a member holding not less than one-tenth of the issued share capital of the Company or not? - Held that:- It is not in dispute that the Company has a share capital and the appeal has not been filed by one-tenth of the total number of its members, which is one of the eligibility criteria. Merely on the basis of some statement made by somebody in the year 1989 or calculation, it is not possible to hold that the Applicant/Appellant (Petitioner) holds more than 10% of the share certificates of the company. The Applicant/Appellant (Petitioner) is not eligible to maintain the petition under Sections 397 & 398 of the Companies Act, 1956 (now Section 241 of the Companies Act, 2013) and; The Applicant/Appellant (Petitioner) misled the Hon’ble Supreme Court by stating that the Tribunal has recorded a finding that the Applicant/Appellant (Petitioner) has 14.017% shareholding.
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