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Issues involved: Petition under Section 482 of Cr.PC against summoning order under Section 113 of the Companies Act, 1956 regarding failure to deliver share certificates in marketable lots.
Summary: The petition challenged the summoning order dated 12th July, 2001, which was passed by the Metropolitan Magistrate, New Delhi, summoning the petitioner in a complaint case under Section 113 of the Companies Act, 1956. The complaint alleged that certain shares of a company were not split and issued in marketable lots after being transferred to a bank. The petitioner, a Company Secretary, argued that Section 113 does not make it an offence if share certificates are not delivered in marketable lots after transferring shares. The respondent contended that the shares were intentionally not split to prevent the bank from selling them in the market. The court observed that Section 113 only requires the company to deliver share certificates after transferring shares, with no requirement for splitting them into marketable lots. As the complaint did not satisfy the requirements of Section 113, the court quashed the summoning order and disposed of the petition.
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