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TMI Blog2011 (2) TMI 1271X X X X Extracts X X X X X X X X Extracts X X X X ..... main appeal today itself on merits, no further orders are called for in the present applications. Accordingly, the present applications stand disposed of. Co. Appl. No. 1969/2010 In this application, respondents have prayed for stay of proceedings initiated against them by third parties under section 138 of the Negotiable Instruments Act, 1881. In my opinion, no relief can be granted against third parties in the present application. Accordingly, the present application is dismissed. Co. A. (SB) 43/2009 1. The present appeal has been filed under section 10F of the Companies Act, 1956 (for short 'the Act') challenging the order dated 20-11-2007 passed by the Company Law Board (for short 'CLB') in Co. Pet. 17/111/2000-CLB. 2. I may men ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the respondents were not entitled to bonus shares declared by the appellant-company in its Annual General Meeting held on 16-12-1996. 6. Mr. Nagesh further submits that the petition preferred by the respondents before the CLB was barred by limitation as it had not been filed within a period of two months as mandated by section 111(2) of the Act. Mr. Nagesh also submits that even if the respondents' petition were to be treated as having been filed under sub-section (4) of section 111 of the Act, then also the period of limitation of three years had expired. In this connection, Mr. Nagesh relies upon a judgment of Kerala High Court in Duroflex Ltd. v. Johnny Mathew [2007] 137 Comp. Cas. 2291. 7. Mr. Nagesh lastly submits that the CLB could ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e transmission by operation of law, as the case may be, may appeal to the [Tribunal] against any refusal of the company to register the transfer or transmission, or against any failure on its part within the period referred to in sub-section (1), either to register the transfer or transmission or to send notice of its refusal to register the same. ****** (4) If- (a )the name of any person- (i )is without sufficient cause, entered in the register of members of a company, or (ii )after having been entered in the register, is without sufficient cause, omitted therefrom; or (b )default is made, or unnecessary delay takes place, in entering in the register the fact of any person having become, or ceased to be, a member [including a refusal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tition before the CLB. 12. I am also of the opinion that keeping in view the mandate of sub-section (5)(b) of section 111 read with section 206A of the Act, respondents are entitled to not only rectification of share register but also to damages. 13. Consequently, I uphold the CLB's direction to appellant-company to not only issue bonus shares but also pay compensation at the rate of Rs. 275 for each bonus share as that was the highest price of appellant-company's shares after the record date of bonus shares, namely, 18-3-1997. 14. As the admitted position is that the appellant-company had declared the bonus shares in the ratio of one bonus share for every two equity shares, respondents would be entitled to 31,850 bonus shares as well as ..... X X X X Extracts X X X X X X X X Extracts X X X X
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