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PREMAJIBHAI PATEL AND OTHERS Versus M/s. RAJLAXMI SOLVEX PRIVATE LIMITED AND OTHERS

2016 (4) TMI 1101 - KARNATAKA HIGH COURT

Restoration of names in the register of the members of the company - Held that:- CLB has considered the matter in detail with regard to the relief sought by the appellants herein insofar as restoration of their names in the register of the members of the company is concerned as per shareholding pattern as on 31/3/2005. As already noted, the appellants have no grievance with regard to that aspect of the matter. But in the latter portion of the impugned order, we find that the CLB has contradicted .....

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oncerned, we find from the impugned order of the CLB that it has simply observed that the appellants have not made out any prima facie case, particularly with regard to the oppressive acts purported to have been committed by the respondents, which were prejudicial to the interest of the company. The observations of the CLB while disposing the matter, are, to say the least, without going into the pleadings and also the material brought on record by the parties in that regard. The impugned order i .....

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ppeal. - COMPA. NO.3/2015 - Dated:- 16-3-2016 - MR. JAYANT PATEL AND MRS. B.V.NAGARATHNA, JJ. FOR THE APPELLANT : SRI: PERIKAL K. ARJUN, ADV. FOR M/S. J. SAGAR ASSOCIATES FOR THE RESPONDENT : SMT: PREETHI S. PATEL, ADVOCATE FOR R1; SRI. S. NAGANANDA, SENIOR COUNSEL FOR SRI. S. SRIRANGA FOR R2-18; R19 & R20 SERVED The present appeal is directed against the order dated 11/12/2014, passed by the Company Law Board (hereinafter referred to as "the CLB") in Company Petition No.7/2011. 2. .....

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ers and without issuing notice to them as illegal, not valid and not binding on the petitioners and set aside the same. (c) To set aside the illegal transfer of shares of the petitioners to the respondents and declare that the transfer is illegal and void and also direct the company to restore the shareholding pattern of the Company as on 31.02.2005. (d) To direct the Company to rectify the register of members in order to incorporate the petitioners names with their original shareholding. (e) To .....

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(g) To declare that the decision of the respondents to rent and/or lease the buildings as godowns to the 3rd parties without convening proper board meeting and without the participation of the petitioners group as illegal and arbitrary. (h) To appoint Chartered Accountant to investigate the affairs of the Company and the accounts of the Company from the year 1999 to till date and submit a report to that effect before the Hon'ble Bench and pass an order to surcharge the respondents for the m .....

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tiate action against the 2nd and 11th respondents under section 628 of the Act for the omission of documents which are material and deliberately not filed within the returns filed in his office by the 2nd and 11th respondents in the affairs of the Company. (l) To pass any other order that the Bench think deem fit. By the impugned order, the CLB has considered prayers 'c' and 'd' only as sought by the appellants herein and has granted the reliefs. As far as other prayers are conce .....

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14, the petitioners/appellants herein have preferred this appeal. 3. We have heard Sri.Perikal K.Arjun, learned counsel appearing for M/s.J.Sagar Associates for appellants and Sri.S.Naganand, learned Senior Counsel for Sri. S.Sriranga, learned counsel appearing for respondent Nos.2 to 18. 4. Appellants' counsel contended that the appellants have no grievance with regard to the prayers granted by the CLB insofar as the restoration of shareholding pattern of the company is concerned, as on 31/ .....

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e case made out with regard to other reliefs sought by the appellants herein, which is improper. 5. Per contra, learned Senior Counsel, appearing for respondent Nos.2 to 18 supported the latter part of the order passed by the CLB. In fact, he also contended that the relief granted by the CLB to appellants herein, was also not in accordance with law. 6. Having heard learned counsel for the parties and on perusal of the material on record in light of the reliefs sought by the appellants herein, we .....

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