Ashok Bhan, J.

1. This is a petition under Section 155 of the Companies Act, 1956 (hereinafter referred to as "the Act"), read with rule 9 of the Companies (Court) Rules, 1959, for rectification of the register of members of the respondent-company.

2. The Punjab Machinery Works Private Limited (hereinafter referred to as "the company") was incorporated under the Companies Act, 1913 , in the month of September, 1939, as a public company. The company was converted into a private limited company in the month of May, 1978. The authorised capital of the company in the month of September, 1972, was Rs, 2,00,000 comprised of 20,000 shares of Rs. 10 each. The amount of paid up capital was Rs. 1,22,060 comprised of 12,206 shares which were fully paid up. It is alleged that on September 3, 1972, the remaining shares, i.e., 7,794 shares were further allotted to respondents Nos. 2 to 10 and, thus, the paid-up capital of the company became Rs. 2,00,000. The capital of the company was further increased from Rs, 2,00,000 to Rs. 5,00,000 comprising of 50,000 shares of Rs. 10 each in the annual general meeting held on September 29, 1973. Thereafter, on January 30, 1974, further 4,247 shares