before the company law board - Company Law Board Mumbai Bench

12
R1 being a separate entity must have requested to the Company
seeking inspection of records and documents independently. Even
otherwise the petitioners being 50% shareholders and directors are
entitled to inspect the records and registers of the Company with
prior intimation and can obtain the copies thereof as per law.
Accordingly, the issue is answered.
Now I deal with the issue No.4
CP 17/2008
Arsh
The other contentions of the petitioners are that the
respondents increased the Share capital from Rs.50,000/- to Rs.1
lakh without the knowledge of the petitioners. The respondents
have contended that the increase in the share capital was made
after due compliance of the provisions of the Companies Act. As
per the provisions of the Act, a Private Limited Company now
must have minimum paid up share capital of Rs.1 lakh.
Accordingly, the Company increased the share capital prior to
family arrangement. To establish the same, the petitioners have
enclosed balance sheet as on 31 st
March, 2004 wherein the
Authorised Share Capital of the Company is shown as Rs.1 lakh
for the current year and also previous year and also one of the
petitioner and one of the respondents have signed the balance
sheet. There is no dispute with regard to this balance sheet and the
petitioners have admitted that they signed the balance sheet apart
from the auditor of the Company at para 6.5 of the petition. The