9911796707
TMI Blog2012 (12) TMI 587X X X X Extracts X X X X X X X X Extracts X X X X ..... / Instructions which were binding upon the company have not been adhered to. Submission of the appellant that respondent No. 1 had slept over his right for this intervening period of two years i.e. 13.11.2006 up to February, 2008 appears to be a mis-directed submission as appellant company had itself on 27.02.2008 notified respondent No.1 that the transfer deeds for the said shares had been produced by one Lalit Kumar Goyal for which the objections had been sought from respondent No. 1 which were duly replied on 11.03.2008 and at the cost of repetition, a second set of documents including the NCR complaint was again filed along with this letter. The letter of 27.02.2008 had asked for a copy of the FIR regarding the loss of shares/injunct ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o. 1 or in the alternate to buy the shares from the open market and allot them to Respondent No. 1. 2. A petition under Section 111-A (3) had been filed by respondent No. 1 in the CLB. His contention was that he was the owner of 100 shares allotted to him by the appellant company. He had the physical possession of the said shares bearing share certificate No. 5998 and distinctive No. from 599701 to 599800 with folio No. 0005998. The petitioner was receiving dividends from time to time on the aforenoted shares. In the year 2006, the petitioner had changed his residence and shifted to Model Town; during transit, he misplaced some important documents including his share certificate along with share transfer deeds. On 28.02.2006, this informa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 15 days. 6. In response to this letter dated 27.02.2008, respondent No. 1 within less than 12 days on 11.03.2008 wrote to the STA requesting them for some time to get the desired documents. Along with this letter dated 11.03.2008, a copy of the complaint lodged in connection with the loss of the shares was attached and a request was made to respondent No. 2 to stop the transfer process till 30.04.2008 in order that the requisite documents could be furnished in this intervening period. 7. On 31.03.2008, the appellant company registered the transfer of the aforenoted shares in favour of respondent No. 3. Legal notice dated 27.3.2008 had also been sent by respondent No. 1 to the appellant company requesting him to stop this transfer of sha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 111(3) reads as under:- "An appeal under sub-section (2) shall be made within two months of the receipt of the notice of such refusal or where not notice had been sent by the company within four months from the date on which the instrument of transfer, or the intimation of transmission, as the case may be was delivered to the company." 12. An appeal against the order of the company refusing to register shares in favour of the appellant may be filed within two months of the receipt of the notice or within four months from the date of the instrument of transfer. 13. The uniform guidelines to be followed by the RTI and STA which guidelines/instructions have issued pursuant to the powers conferred on the Securities and Exchange Board of I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... No. 1 had completed formalities, the complaint filed by him dated (11.05.2006) in the concerned Police Station along with an indemnity bond dated 31.10.2006 accompanied by a draft of Rs.1,000/- had been submitted to the appellant company on 13.11.2006. On 27.02.2008, the petitioner was informed by the appellant company that certain share transfer certificates along with signed transfer deeds had been received from respondent No. 3 for the transfer of the aforenoted 100 shares in his favour. 15. Respondent No. 1 responded immediately; on 11.03.2008, he wrote to the company enclosing the copy of the NCR which he had lodged on 11.05.2006 with the concerned Police Station alongwith a request to stop the transfer process till 30.04.2008; a re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vide its communication dated 27.02.2008) which was duly replied to by respondent No. 1 on 11.03.2008 making a request to defer the transfer process only up to 30.04.2008 for reasons as explained in the said communication. Along with this letter, a second set of documents including NCR complaint dated 11.05.2006 and all other requisite documents were re-appended. This was in full compliance of the requirements of 6.22 of the SEBI guidelines/ Instructions. 18. The appellant company was duty bound not to transfer these shares once it was brought to its notice that the shares had been lost and a proper NCR had been lodged with the police. It was incumbent upon the company to give notice to the last holder i.e. respondent No. 3 to surrender hi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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