Judgement

MISRA, J. : AHO. 13/61- This appeal arises out of an application by Sri Shanti Prasad Jain under Sections 397, 398, 402 and 403 of the Companies Act, 1956 (hereinafter called the Act). As there are large number of appeals and the descriptions of the parties as appellants and respondents may lead to confusion, the parties would be described in this judgment as petitioner and respondents in terms of the petition dated 14th September, 1960. The petitioners case is as follows :-

(A) Kalinga Tubes Limited (hereinafter to be referred to as the Company) is a Company incorporated under the Indian Companies Act having its registered office at Chodwar in Cuttack district. The petitioner is a holder of 3000 shares of the value of Rs. 100.0.0 each. Those shares are fully paid up and all calls due have been duly paid. The petitioner obtained consent in writing under Section 399 of the Act of the shareholders holding 13,083 shares. The holdings of the petitioner and of the consenting share-holders constitute more than one-tenth of the issued share capital of the Company. The application is made for the petitioner on behalf of and for the benefit of the consenting shareholders and the pet