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A.BANDOPADHYAY
Pavan Kumar Budhia – Appellant
Versus
JayBee Properties (P. ) Ltd. – Respondent
1. In this order, I am considering the company application being CA No.95/2009 filed by M/s. Jay Bee Properties Private Limited, respondent company, and respondent nos.2 & 3 in main CP No. 23(Kol)/2009, seeking vacation of ex parte ad interim order dated 20.08.2009 passed by CLB and dismissal of the main petition along with other consequential reliefs.
2. The main company petition being CP No.23(Kol)/2009 has been filed by the petitioners, viz., Shri Pawan Kumar Budhia and M/s. Padmavati Properties & Trusts Private Limited, under Section 397/398 of the Companies Act, 1956, alleging various acts of oppression and mismanagement in the affairs of the respondent company, i.e., M/s. Jay Bee Properties Private Limited and seeking various reliefs against the respondent company as well as other respondents. The petitioners have primarily challenged the issue and allotment of 11,91,500 equity shares in the respondent company in favour of some of the respondents by virtue of which the petitioners have been reduced from a majority shareholding of 50.004% to a hopeless minority of 14.84%. It has been alleged that the said issue and allotment of shares has been without any basis and in viol
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