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TMI Blog1971 (6) TMI 40X X X X Extracts X X X X X X X X Extracts X X X X ..... h October, 1969, under section 113 of the Companies Act, 1956. In this application Surajmal Nagarmal, a partnership firm, was given liberty to intervene. The said firm has also filed affidavit. There is no dispute before me that Raigarh Trading Co. Ltd., the applicant, is the registered holder of the said 28,500 equity shares of Rs. 10 each in the company. The only dispute before me is as to whether the company delivered the said shares to the petitioner. The company alleges that the company duly delivered the said shares to one Dinesh Chandra Sarkar representing the applicant, who in his turn delivered the said shares to M/s. Surajmal Nagarmal through Biswanath Deora as and by way of pledge for the due repayment of loans granted by Suraj ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lying with sub-section (1), the company, and every officer of the company who is in default, shall be punishable with fine which may extend to five hundred rupees for every day during which the default continues. (3)If any company on which a notice has been served requiring it to make good any default in complying with the provisions of sub-section (1), fails to make good the default within ten days after the service of the notice, the court may, on the application of the person entitled to have the certificates or the debentures delivered to him, make an order directing the company and any officer of the company to make good the default within such time as may be specified in the. order; and any such order may provide that all costs of a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s in identical terms as section 80 of the English Companies Act of 1948. Rule 7 of the rules of the Supreme Court (Companies) (No. 2), 1948, of England enumerates the applications which shall be made by motion. Rule 8 of the said rules enumerates the applications which have to be made by summons. Sub-rule ( i ) of rule 8 of the said rules enumerates applications in regard to delivery of certificates or debentures under section 80(3) of the Act. Rule 11( a ) of our Companies (Court) Rules, 1959, sets out the applications which shall be made by petition. Rule 11( b ) of our rules provides that all other applications under the Act or under the said rules have to be made by a judge's summons in the manner provided in the rules. Form of the su ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uences. In that view of the matter, in my opinion, the said sub-section has to be construed strictly (see Pathina Ramakrishna Reddy v. State of Madras AIR 1952 SC 149, 156 : see also Maxwell on the Interpretation of Statutes, 11th edition, pages 254-55). The said sub-section nowhere provides for delivery of the certificates of shares or debentures or debenture-stocks but only enjoins upon the company to have the same ready for delivery. The said words in the sub-section, in my opinion, should not be construed in such a way as to give an extended meaning to the words "to have them ready for delivery". The subsection (1) does not impose an obligation upon the company to deliver the said shares, etc. Thus, in my opinion, sub-section (3) ..... X X X X Extracts X X X X X X X X Extracts X X X X
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