( 1 ) THIS is an application in an appeal against an order made by S. P. Mitra. J. , dated 2nd February, 1965. The facts are briefly as follows: Raymon Engineering Works Ltd. , the respondent company (hereinafter referred to as the 'company') is a private limited company incorporated in 1954 under the Indian Companies Act, 1913 with an authorised capital of Rupees 1,00,00,000/- divided into 8,00,000 ordinary shares of Rs. 10/- each and 20,000 redeemable preference shares of Rs. 100/- each. The appellant is a share-holder of the respondent company in respect of 125 equity shares By a resolution adopted at the company's annual general meeting held on 23rd September 1968 the capital was increased to Rs. 3,00,00,000/ -. One of the reasons for this increase, as stated in the Explanatory Statement was that the company had undertaken a new project for the manufacture of spiral welded pipes in collaboration with an American/german group for which a manufacturing licence had been obtained and it was proposed to effect substantial expansion of the company's existing undertakings, for which negotiations were under way for a technical-cum-financial participation in the equity capita