S.S. SUBRAMANI J.

Writ Appeal No. 806 of 1994.--This writ appeal is by the petitioner against the judgment of the learned single judge in Writ Petition No. 19256 of 1993, dated May 10, 1994. This writ appeal was heard along with C. M. A. Nos. 743 of 1993 and 875 of 1994, since they are connected with the same matter. C. M. A. No. 743 of 1993 is by the third respondent in the writ petition and C. M. A. No. 875 of 1994 is by the eighteenth respondent.

The relevant facts in the writ appeal are as follows :

According to this appellant, as per the resolution dated April 30, 1992, of the third respondent-company, it was resolved to increase the share capital from 5, 000 equity shares to 25, 000 equity shares having a value of Rs. 10 per share. As per article 6 of the articles of association, the same was offered to all the shareholders of the company. Since two shareholders did not agree to purchase the same within the period, the same was offered to the eighteenth respondent, another shareholder, who agreed to purchase the same. It was originally offered 8, 000 shares according to the proportion of its holding. But it wanted an additional allotment of 12, 000 shares more which