In this order I am considering Company Application No. 617 of 2008 filed in Company Petition No. 5 of 2008 filed by the Applicant [R-1, Company M/s. Ludhiana Colonizers Pvt. Ltd.] against the Respondents [Petitioners, Sh. H.P. Sharma & Ors.] under regulation 44 of the Company Law Board Regulations, 1991 in terms of in terms of Section 399 of the Act challenging the maintainability of the Company Petition No. 5 of 2008. The Company Petition No. 5 of 2008 was filed by Sh. H.P. Sharma and Ors. (the Petitioners) against M/s. Ludhiana Colonizers Pvt. Ltd. & Ors. (the Respondents) under Sections 397, 398 and 399 read with Sections 402, 403 and 406 of the Companies Act, 1956 alleging oppression and mismanagement. In C.P. No. 5 of 2008, the petitioners have sought declaration that the removal of the petitioners that is Sh. H.P. Sharma, Sh. Tarun Chandok, Sh. Vimal Kumar, Sh. Ravinder Sharma, Sh. C.L. Chandok, Sh. Arvind Kumar, Ms. Rajni Bala and Sh. Jagdish Parshad as Directors of the R-1 Company is illegal, unlawful, null and void; that the appointment of Sh. Y.P.S. Bhalla as Managing Director and Sh. Peush Kumar Bhalla, Sh. Rajiv Bhalla, Sh. Rakesh Mehta, Ms. Veena Yadav as Directors of the R-1 Company is illegal, unfair, null and void; direction to the respondents to hand over the possession and custody of the books of accounts and statutory records, possession of movable and immovable property and control of R-1 company the petitioners; direction to the Respondents to give an account and share of profit out of the water, sewerage and other collections made by M/s. Vikas House Building Company Private Limited from the residents of colony developed by R-1 company with effect from June, 2007, etc.

2. M/s. Ludhania Colonizers Pvt. Ltd. (R-1) was incorporated on 12.09.1973 shaving its registered office at 1^st Floor, A-56, Bhai Randhir Singh Nagar, Ludhiana-141 004. The authorised capital of the company is Rs. 2,00,000 divided into 2000 equity shares of Rs. 100/- each. The main objects of the company are to carry on the business of colonizers and for the purpose to purchase, take on lease, exchange or otherwise acquire any land and develop the same, cut plots and provide facilities for drainage, electric supply, telephone, approach roads, street lighting, severage, water supply etc. and to provide facilities and service for the repairs and maintenance of buildings roads, parts, public utility places.

3. In C.P. No. 5/08, the R-1 Company has filed C.A. No. 617 of 2008 contending that in this Petition under Section 397/398 there are nearly 14 Petitioners, in their rejoinder for the first time raised various issues including the issues which did not form part of the original petition and have instituted details of the proceedings relating to the another company namely M/s Vikas House Building Company Pvt. Ltd. which is against the another company which is not a party in the present proceedings, the present petition in the present form is in any event not maintainable and is liable to be rejected summarily on preliminary objections itself. It was pointed out that the Petition has been filed on behalf of Late Shri T.R. Gupta, (P-8), Late Shri Sardari Lal, (P-9) and Late Shri Chhajju Ram Jindal, (P-13). In support of the said alleged, P-8, 9 and 13 affidavits have been filed. In the case of the P-8, it is mentioned that the petitioner is one Mr. Late Shri T.R. Gupta. The said Shri T.R. Gupta has more than 4 children to the best of the knowledge of the Respondents. Further, the affidavit filed in support of the petition by "Mr. T. R. Gupta through the legal heirs"' is not maintainable and ought to have been rejected at the first instance because in paragraph-1, it is stated that the deponent is P-8 which is untrue; no Statement has been made to show that he is the sole legal heir or that other legal heirs have authorized him to represent in respect of the shares held by Late Shri T.R. Gupta; the contents of the petition are said to have bee