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7. On 02.02.1988 another Meeting was held and the Share Transfer Committee was given an authority to allot such 30000 shares; and to receive applications by private negotiations, as the Committee may deem fit in terms of the Resolution passed on 30th December, 1987. It allotted these shares on 26.04.1988 to various person. Admittedly, Mr. P. Lodha was present in the said Meeting dated 02.02.1988 and the Resolution was passed with his consent as he never raised any objection to such allotment. Reference was also made to the Minutes of Meeting dated 30th December, 1987 wherein Mr. Sunil Jain appeared on behalf of M/s Lodha Service Pvt Ltd viz Respondent No. 1 herein and one Mr. P.K. Jain appeared on behalf of Mr. P. Lodha wherein resolution was passed to issue 30000 equity shares @ Rs.100/- each, for an aggregate value of Rs.30 lakh for cash at par, payable in full on application by private placement to such person and in such manner as the Board may deem fit. The proxy form of appointment of Mr. P.K. Jain for Mr. P. Lodha to vote in the AGM of dt. 30th December, 1987 is annexed at Page 631 of the Paper Book and Board Resolution dated 28.02.1987 of M/s Lodha Services Pvt Ltd, now Respondent No. 1, authorising Mr. Sunil Jain to represent such company is filed at Page 632 of the Paper Book. Thus the Lodha group who had a majority shareholding of 46.07% in M/s Peerless General Finance Investment comprising of Mr. P. Lodha, the Respondent No. 1 company, M/s Multiplex Business Ltd., Mr. R.L. Gaggar, T.K. Ghosh, etc. (emphasis supplied), had participated in the Meeting, either personally or through proxies, who all voted in favour of such Resolution(s). However, on 13th March, 1988 Mr. Parasmal Lodha resigned from the Board of the appellant company and on 16th March, 1988 Respondent no.1 company and Mr. P Lodha, both sold their shares in appellant company in favour of M/s Debashree Investment and Services (P) Ltd. (Respondent No.20 herein). In all 15626 shares were purchased by Respondent No. 20 herein and thereafter the Company Petition was filed challenging the issue of 30000 shares and sale of 15626 shares of Lodha's. On 19.04.1988 the sale of 10115 shares by Respondent No. 1 company and 800 shares by Mr P. Lodha were recorded in register of PGFI/the appellant. It was argued these shares were transferred for valuable consideration, hence Lodha's could not have challenged their voluntary sale of shares. It was argued though the sale of their shares were held to be void but there is no finding qua sale of their remaining 4711 shares to others. Further on 26.04.1988, the Share Transfer Committee resolved to allot 30000 shares of appellant company to Respondents No.8, 9 and 10 and thus were allotted.