CP No. 53 (ND) of 2012 & CA Nos. 243 and 244 of 2012. Case: In Re: Himachal Fibers (P.) Ltd. Vs. Company Law Board
| Case Number | CP No. 53 (ND) of 2012 & CA Nos. 243 and 244 of 2012 |
| Judges | D.R. Deshmukh, Chairman |
| Issue | Companies Act, 1956 - Sections 397, 397(1), 398, 399, 399(1), 399(1)(a), 399(i), 86 |
| Citation | 2012 (110) CLA 249 |
| Judgement Date | Wednesday May 09, 2012 |
| Court | Company Law Board |
Order:
D.R. Deshmukh, Chairman, (New Delhi Bench)
1. Arguments were heard on CA No. 243/2012 filed by the company Himachal Fibres Ltd. (R-1) and CA No. 244/2012 filed by R-16 Garg Fincap Ltd. for dismissal of the petition on the ground that the petitioners do not satisfy the criteria under section 399 of the Companies Act, 1956 ('the Act') for filing a petition under sections 397 and 398 of the Act. Petitioner Nos. 1 to 4 filed CP No. 53(ND)/2012 giving details of their equity shareholding in R-1 as under:
(1) Petitioner No. 1 - 168, 675 equity shares of Rs. 10 each.
(2) Petitioner No. 2 - 157, 575 equity shares of Rs. 10 each.
(3) Petitioner No. 3 - 172,400 equity shares of Rs. 10 each.
(4) Petitioner No. 4 - 176,500 equity shares of Rs. 10 each.
Total = 6,75,150
According to the petitioners the legally issued, subscribed and paid-up capital of R-1 company is as under:
(1) 35,05,000 equity shares of Rs. 10 each
(2) 1,30,06,500 preferential shares of Rs. 100 each Petitioners do not hold any preference shares of R-1.
2. Counsel for the petitioners argued that the petitioners satisfy the criteria under section 399 of the Act as they hold 19.18 per cent of the issued equity share capital of R-1 company. It was contended that a preferential shareholder is not concerned with the affairs of the company as his voting rights are limited to only such resolutions placed before the company which directly. affect the rights attached to such preference shares. A preference shareholder not only has a preferential right to dividend but also to repayment of capital in case of winding up of...
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