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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 ..... B) NO. 43 OF 2009 - - - Dated:- 22-2-2011 - MANMOHAN, J. P. Nagesh and Rishi Sood for the Appellant. JUDGMENT Co. Appl. No. 1651/2009 This is an application for condonation of delay in filing the appeal. For the reasons stated in the application, the delay in filing the appeal is condoned. Accordingly, the application stands disposed of. Co. Appl. Nos. 1652/2009, 1967/2010, 1968/2010, 1971/2010, 1972/2010 These applications have been filed seeking interim reliefs/directions. As I plan to dispose of the 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, r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s shares were not issued to the respondents but on the contrary has also recorded that they were issued to M/s. Cherry Marketing Ltd. - a company managed and controlled by one of the directors of appellant-company. In fact, the CLB has opined that there was an illegal issue of bonus shares to M/s. Cherry Marketing Ltd. by the appellant-company. 5. Mr. P. Nagesh, learned counsel for appellant-company submits that as the name of respondent-company did not appear in the register of the members of appellant-company on the record date, that means, 18-3-1997, 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is defence, in my opinion, was rightly rejected by the CLB as the record date for bonus shares was 18-3-1997 and not 17-3-1997. 9. As far as the plea of limitation of two months under section 111(2) of the Act is concerned, I am of the view that the present case falls under sub-section (4) and not under sub-section (2) of section 111 of the Act. Sub-sections (2), (4) and (5) of section 111 of the Act are reproduced hereinbelow:- "111. Power to refuse registration and appeal against refusal ****** (2) The transferor or transferee, or the person who gave intimation of the 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, o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the view that in the present case the respondents are entitled to condonation of delay, if any, in filing the proceedings before CLB, as the CLB has found on facts that the respondents had made numerous representations from 1997 to 2000 addressed to Delhi Stock Exchange with copies to the appellant-company. Keeping in view the appellant-company s conduct of not even acknowledging the letters sent by respondents and of illegally issuing bonus shares to a company managed and controlled by one of its directors, I am of the opinion that the respondents are entitled to condonation of delay, if any, in filing the petition before the CLB. 12. I am also of the opinion that keeping in view the mandate of sub-section (5)( b ) of section 111 rea ..... X X X X Extracts X X X X X X X X Extracts X X X X
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