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TMI Blog1986 (3) TMI 259X X X X Extracts X X X X X X X X Extracts X X X X ..... nt correspondingly was the plaintiff in the trial court. The plaintiff brought the suit for a declaration that certain shares bought in the name of himself and the defendant were bought solely out of his money as a matter of convenience and the defendant's name was added on. On retiring from Government service, the plaintiff demanded the defendant to transfer his interest in the shares which were acquired in several companies registered under the Companies Act, 1956 (hereinafter referred to as "the Act"), as he was the true and the full owner thereof. The defendant refused. Therefore, a suit for a declaration that he was the absolute and sole owner of the shares in question described in the schedule to the plaint was filed. The defendant ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ything contained in section 150, section 153B or section 187B, a person, whose name is entered, at the commencement of the Companies (Amendment) Act, 1974, or at any time thereafter, in the register of members of a company as the holder of a share in that company but who does not hold the beneficial interest in such share, shall, within such time and in such form as may be prescribed make a declaration to the company specifying the name and other particulars of the person who holds the beneficial interest in such share. (2) Notwithstanding anything contained elsewhere in this Act, a person who holds a beneficial interest in a share or a class of shares of a company shall, within thirty days from the commencement of the Companies (Amendmen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... milarly, sub-section (3) of section 187C of the Act also provides that whenever there is a change in the beneficial interest in such, shares or a class of shares by virtue of the beneficial interest passing to somebody else and that somebody else acquires the beneficial interest, he is required to disclose the nature of change and the extent of change and make a declaration to the company in such form and containing such particulars as may be prescribed. Therefore, it is clear, the above sub-sections do not relate to ownership of shares, more so, when the ownership is in dispute. The three sub-sections, extracted above, presuppose the ownership vesting in a person other than the one who is entitled to beneficial interest in the shares and ..... X X X X Extracts X X X X X X X X Extracts X X X X
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