before the company law board - Company Law Board Mumbai Bench

8
Sadh Company and that the petitioners are no longer concerned
with the management and affairs of R1 or the income thereof. The
heads or main features of such family arrangement/settlement have
been recorded in writing by Memorandum dated 30 th August, 2004
and 11 th
CP 17/2008
Arsh
Sept., 2004, the last having being duly signed by
Mr.Gyandev Sadh representing the petitioners.
4. Now coming to the averments/allegations in respect of
R1 Company, he submitted that M/s.Arsh Fashions Pvt.Ltd. was
formerly a partnership firm called M/s. PNN International (PNN)
which was subsequently converted into a Private Limited
Company under part IX of the Companies Act with the name M/s.
PNN Apparels Pvt. Ltd. and after the family
arrangement/settlement arrived at between the parties, as set out in
detail therein, and in implementation thereof, the name of such
Company was changed by the Bazzardev Sadh Group, as desired
by them to M/s.Arsh Fashions Private Limited. One of the
properties allotted to the Bazzardev Sadh Group under the family
arrangement/settlement is the only property held by the said
Company. The issued, subscribed and paid up share capital of the
said Company is 1000 shares of Rs.100/- each. The Bazzardev
Sadh Group held 500 shares and Gyandev Sadh group held 500
shares. As per the family arrangement/settlement the shares held
by the Gyandev Sadh Group in the said company shall belong to