The issued and paid-up share capital of DEF Limited (the company) is ₹20 crores consisting of 20,00,000 equity shares of ₹100 each. 'The said company has 2000 members. A petition was submitted before the Tribunal signed

As per provisions of Section 244 of the Companies Act, 2013 , in the case a company having share capital, following members are eligible to apply for relief against oppression and mismanagement under Section 241 namely: not less than 100 members of the Company or not less than 1/10 th of the total number of its members whichever is less; or any member or Members holding not less than 1/10 th of the issued share capital of the company, subject to the condition that the applicant or applicants has or have paid all calls and other sums due on his or their shares. The share holding pattern of DEF Limited is given as follows: The issued and paid-up share capital of DEF Limited is ₹20,00,00,000 (Rupees Twenty Crore) consisting of 20,00,000 equity shares of ₹100 each. The petition alleging oppression and mismanagement has been made by some members as follows: No. of members making the petition - 320 Amount of share capital held by members making the petition - ₹40,00,000 (40,000 shares * ₹100) The petition shall be valid if it has been made by the lowest of the following; 100 members; or 200 members (being 1/10 th of 2000); or Members holding ₹2,00,00,000 share capital (being 1/10 th of ₹20,00,00,000) As it is evident, the petition made by 320 members (being more than 100 members) meets the eligibility criteria specified under section 244 of the Companies Act, 2013 as it exceeds the minimum requirement of 100 members in this case. Therefore, the petition is maintainable. The consent to be given by the shareholder is reckoned at the beginning of the proceedings. The withdrawal of consent by any shareholder during the course of proceedings shall not affect maintainability of the petition. (Rajamundry Electric Corporation Vs. V. Nageswar Rao A.I.R.)