BEFORE THE COMPANY LAW BOARD,

SOUTHERN REGION BENCH, CHENNAI

 

C.P. No. 1/111A/SRB/2002

 

PRESENT: 1. Shri S.Balasubramanian, Vice-Chairman.

    2. Shri K.K. Balu, Member.

 

IN THE MATTER OF COMPANIES ACT, 1956 (I OF 1956)

SECTION 111A

AND

IN THE MATTER OF M/S COMP-U-LEARN TECH INDIA LIMITED

 

PETITIONER:

M/s Comp-U-Learn Tech India Limited

 

RESPONDENTS:

1.     Shri B.R.S. Chowdary

2.     Shri B. Anil Chakravarthy

3.     Sh. B. Harini

4.     Sh. B. Shanthi

 

PRESENT ON BEHALF OF PARTIES:

Shri P.Mohana Rao, Practicing Chartered Accountant      … for Petitioner.

 

O R D E R

(DATE OF FINAL HEARING: 05.07.2002)

K.K. BALU:

1.     This is a petition filed under Section 111A of the Companies Act, 1956 (“the Act”) by M/s Comp-U-Learn Tech India Limited (“the Company”) seeking rectification of register of members of the Company by deleting the name of the respondents in respect of 17,500 shares appearing in Serial Nos.256, 268 to 270 and impugned in the petition.

2.     According to Shri P.Mohana Rao, Practicing Chartered Accountant and Authorised Representative of the Company, the respondents had applied for allotment of 17,500 equity shares under promoters’ contribution in February/March, 2000, submitted the share applications along with four cheques for an aggregate sum of Rs.1,75,000/-, upon which the shares were allotted to the respondents by the Company on 25.03.2000 and entered the names of allottees in the register of members maintained under Section 150G of the Act.  In the meanwhile, the cheques tendered by the respondents were dishonoured by non-payment of the cheque amount.  The allotments are not supported by consideration, which have to be set aside.  Hence, this petition.

3.     When the petition came up for hearing on 29.05.2002, none appeared for the respondents.  However, the respondents were given an opportunity to file counter by 30.06.2002 and adjourned the hearing to 05.07.2002.  On 05.07.2002, the respondents neither appeared nor filed counter. We heard the Authorised Representative of the petitioner ex-parte and the respondents were set ex-parte.

4.     Taking into consideration the facts and circumstances of the case, submissions made on behalf of the Company and the opportunity afforded to the respondents, we hereby order the Company to rectify its register of members by deleting the names of the respondents in respect of 17,500 shares appearing in Serial Nos.256, 268 to 270.  A copy of this order may be sent to the respondents. 

5.     With the above directions, the petition stands disposed of without any order as to cost.

 

(K.K. BALU)                                                 (S. BALASUBRAMANIAN)

 

Dated this the 6^th day of August, 2002