1. The facts leading up to this petition are stated to be as follows:

The petitioner is said to be an Engineering graduate, who also holds a Masters degree in Business Administration. In the year 2006, he is said to have conceived of a project in the business of manpower consultancy, owing to its need in the city of Bangalore with its growing IT Sector. Shankar, a class mate of the petitioner is also said to have evinced interest in joining the petitioner in the business. As they required adequate finance, Shankar is said to have associated one Venkatesh, a business man to invest funds. Initially, it was intended to establish a partnership firm. However, in order to enhance their image as a corporate entity, a private limited company was incorporated under the Companies Act, 1956 (Hereinafter referred to as the 'Act', for brevity). It transpires that Shankar's sister, Lokamata, who had worked in the IT industry and who was said to have gained considerable experience, also evinced interest in being part of the Company and she was also brought into the company as a Director. Thus, with the petitioner, Shankar and Venkatesh, each holding 33% share and Lokamata holding 1% of t