9911796707
TMI Blog2006 (10) TMI 240X X X X Extracts X X X X X X X X Extracts X X X X ..... e respondent herein filed a petition under section 111 of the Companies Act, 1956, seeking a direction to the company to enter his name in the register of members. The petitioner stated that he has purchased one share held in the name of one Chacko Pulikken from his legal heirs on 10-11-1997, and sent the instrument of transfer along with the share certificate together with the deed of sale dated 10-11-1997, to the company for registration of transfer since the same was the subject-matter of a trust authored by late Pulikken Ouseph Chacko. Company refused to register the transfer in the name of the petitioner. 3. Sri C. M. Devan, senior counsel appearing for the company submitted that the Company Law Board has committed an error in giving ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to relieve the company from any obligation to take notice of equitable interests in its shares, that is to say, to take notice of rights of third parties in respect of the shares registered in the names of any members; and (2) to preclude any person claiming an equitable interest in shares from treating the company as a trustee in respect thereof. Further, the beneficiary who is not entered as a shareholder of shares has no connection with or rights in the company in which any shares are held in trust for him. Lord Coleridge, C.J., in Perkins, In re [1889-1890] 24 QBD 613 (CA), stated as follows : "It seems to me extremely important not to throw any doubt on the principle that companies have nothing whatever to do with the relations betwe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uccessor appointed by him as trustee by his eldest son Jose and the trust document was filed with the company in 1957, itself and the company had been paying dividends to the beneficiary. 7. The Damien Institute is one established for treating the poor leprosy patients. The institute is run by receiving donations and other benefits from various institutions and persons. It is also receiving dividends and all other benefits in respect of the abovesaid share from Damien Subsidies and Kuries Ltd., the appellant-company. It is also the beneficiary of the share which belongs to the trust since 1957 and no other person has valid right to transfer the abovementioned share. We have perused the trust deed dated 22-7-1957. The trust is to continue f ..... X X X X Extracts X X X X X X X X Extracts X X X X
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