2017 (12) TMI 1138 - AT - Companies Law

Succession Certificate annulled by the Court - Held that - In the facts and circumstances of the case and in view of the subsequent development while we are not inclined to interfere with the impugned order, at present on the ground that the Succession Certificate has been stayed by the High Court grant liberty to the appellant, to file appropriate petition before the appropriate forum/court of law, if Succession Certificate is annulled by the Court. In such case, the court of competent jurisdiction will consider the application, if preferred by the appellant uninfluenced by the impugned order

Summary

Issues:
Petition for transmission of shares under Sections 58 and 59 of the Companies Act, 2013; Validity of Succession Certificate; Stay of Succession Certificate by the High Court.

Analysis:
The respondent filed a petition seeking transmission of shares owned by her late husband, which was granted by the Tribunal due to the Succession Certificate obtained by the respondent. The Tribunal directed the company to treat the respondent as the legal heir of her deceased husband and transfer the shares to her within two weeks. The company was also directed to pay any arrear dividends. The appellant challenged the Succession Certificate's validity, stating it was stayed by the High Court after the Tribunal's order. However, the Tribunal declined to interfere with its previous order, granting liberty to the appellant to challenge the Succession Certificate's validity in the appropriate forum. The appeal was disposed of without costs.