Judgment

SABYASACH1 MUKHARJI, C.J.I. :- Leave granted.

2. This is an appeal from the judgment and order of the Division Bench of the High Court of Delhi, dated 31st August, 1989 (reported in (1989) 3 Delhi Lawyer 293). The appellant No. 1 M/ s World Wide Agencies (P) Ltd. is a private limited company incorporated under the provisions of the Indian Companies Act, 1956 (hereinafter referred to as the Act) to which Table A of Schedule 1 to the Act applies, as stipulated under the Articles of Association of the company. As per the memorandum of association the appellant company was carrying on the business of travel agents at G-40, Connaught Circus, New Delhi. The authorised share capital of the company was to the tune of Rs. 5 lakhs divided into 5000 equity shares of Rs. 100 each. The paid up capital as per the last annual return filed by the company with the Registrar of Companies, was Rs. 2,01,000/-. The company had at all relevant times 7 shareholders and the total number of shares subscribed and paid up was 2010 shares.

3. The appellant No. 2 Mrs. Amrit Kaur Singh, at all relevant times, was a shareholder holding 545 fully paid up shares in the share capital of the company, and was a