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TMI Blog1992 (7) TMI 276X X X X Extracts X X X X X X X X Extracts X X X X ..... in the main application do not have the requisite share qualifications to initiate the said proceedings inasmuch as it is only in that months of June and July, 1990, upon inspection of the records of the company by one shareholder that it transpired that the stamps on the reverse of the various transfer deeds had not been cancelled. Under those circumstances the transfer deeds were invalid and it was improper on the part of the company to register those shares. At the meeting, of the board of directors held on September 4, 1990, it was detected that the original transfer deeds in respect of 1,410 shares transferred in favour of respondent No. 1 and 2,518 shares transferred in favour of respondent No. 3 were not proper inasmuch as the stamps ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... read over and had explained to them the contents of the petition under sections 397 and 398 and after going through the same they have given their consent to such proceedings. Mr. P.C. Sen, learned lawyer, however, contended that there is no endorsement as to who explained the contents of the main petition to the signatories; on the contrary they have given letters to the effect that their signatures had been obtained in a blank sheet of paper which have been utilised in the present proceedings. In the case Duraiswami ( M. C. ) v. Sakthi Sugars Ltd. [1980] 50 Comp. Cas. 154 (Mad.) it was held that "consent in writing" contemplated in section 399(3) of the Companies Act, 1956, is a consent to the filing of a particular petition wi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oners on the ground that the stamps on the transfer deeds had not been deleted and/or scored through. He submitted that the directors have no authority to rectify the share register without giving any notice to the petitioners and without having recourse to the provisions of section 155 of the Companies Act. In that respect he referred to the case of Damodara Reddi ( P. V. ) v. Indian National Agencies Ltd., [1945] 15 Comp. Cas. 148 ; AIR 1946 Mad 35, where it was held that the register of the members of a company is a public document and there is no provision in the Companies Act which permits the directors of a company or any officer of a company to make any alteration to the register by removing the names of certain members on the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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