COMPANY LAW BOARD, CHENNAI BENCH
Aruna Hotels Ltd.
Versus
Kamal Babbar
CA NO. 194 OF 2012
C.P. NO. 86 of 2012
Date of pronouncement: 24.12.2012
ORDER
1. The present company application has been filed under Regulation 44 of the Company Law Board Regulations, 1991 by the respondents praying this Bench to dismiss the petition as not maintainable.
2. Shri T.K. Bhaskar, learned counsel appearing on behalf of the applicants/respondents submitted that the company petition filed by the 1st respondent/petitioner is not maintainable as the 1st respondent/petitioner does not fulfil the criteria for eligibility to file or maintain the petition. The applicant is constrained to file the present application challenging the maintainability of the above company petition. This application is being filed to seek the dismissal of the company petition in limine on the basis that the 1st respondent/petitioner does not fulfil the eligibility criteria u/s 399 of the Companies Act. He submitted that the present authorized share capital of the 1st Applicant Company is Rs. 32,00,00,000/- divided into Rs. 2,40,00,000 equity shares of Rs. 10/- each and 8,00,000 redeemable cumulative preference shares of Rs. 100/- each. The total paid up share capital of the 1st applicant company is as follows:
