Chennai Court August 2004 Judgments

Micromeritics Engineers Pvt. Ltd. and ors. Vs. S. Munusamy

Court: Chennai

Reported in: [2004]122CompCas150(Mad); [2005]58SCL301(Mad)

K. Govindarajan, J.1. The appellants, being aggrieved by the order dated May 21, 2000, passed by the Company Law Board, Principal Bench at Chennai in C. P. Nos. 68 and 69 of 1998 which was confirmed by the learned judge in C.M.A. Nos. 923 and 924 of 2000, on the file of this court, in the judgment dated May 21, 2002 (since reported in Micrometrics Engineers Pvt. Ltd. v. S. Munusamy [2003] 116 Comp Cas 465), filed the above Letters Patent Appeals.2. The issue relates to the two companies which are the first appellant in the respective appeals, Micromeritics Engineers Private Ltd., the first appellant in L. P. A. No. 109 of 2002, was incorporated on September 8, 1986, and the second appellant, the respondent in L. P. A. No. 108 of 2002 and one Chandrasekaran were holding ten shares each in the said first appellant-company. Subsequently, on August 7, 1990, the said first appellant-company allotted 1,470 shares to all the above-said three shareholders equally thereby each of them were hold...