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1967 Supreme(Mad) 326

T.RAMAPRASADA RAO
S. S. Rajakumar – Appellant
Versus
Perfect Castings Private Limited – Respondent


Advocates Appeared:M. V. Ganapathi, V. Shanmugam, V. Suresham, Advocates.

Judgment :-

This is a petition filed by one S. S. Rajakumar under section 433(f) and 439 of the Companies Act (I of 1956) for winding up the company known as "Perfect Castings Private Limited". The petitioner is a holder of 14 fully paid equity shares and he also claims to be a creditor arbitrator. Besides the petitioner, his two brothers hold amongst themselves 11 shares. According to the petitioner, the holding of 25 shares as between himself and his two brothers do constitute one group of the shareholders. The other group of shareholders, according to the petitioner, consists of N. Subbiah Asari, who is the managing director, his wife, his brother and his brother's wife, who held amongst themselves 42 shares, which, along with the 25 shares held by the petitioner and his group, are the only paid up shares of the company. There is thus a totality shareholding of 67 paid up shares. The latter 42 shares held by Subbiah Asari and his group are characterised by the petitioner as the other group of shareholders. The petitioner's case is that he was induced to join the company by Subbiah Asari, who was unable to find the working capital necessary for the running of the firm. At the ins














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