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TMI Blog2014 (7) TMI 100X X X X Extracts X X X X X X X X Extracts X X X X ..... ership firm. Further another agreement dated 24.03.2006 was entered into between the respondent company and the petitioner company with the terms and conditions as stated in the agreement. As per the second agreement, the respondent company agreed to issue its shares against the sale proceeds of the land of the petitioner company. The actual sale proceeds of land of the petitioner company sold by M/s. Good Earth Estates is Rs. 3,31,28950/- out of which an amount of Rs. 1,83,40,625/- has been received and the balance amount of Rs. 1,47,88,325/- has to be converted into equity shares of the respondent company and the shares are to be issued in the name of the petitioner company. All the attempts made by the petitioner company to get the share ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er company agreed to give sale proceeds of 5.05 acres of their land at Vadavalhoor, Kottayam @ Rs.62.500/- per cent to the respondent company herein after adjusting Rs. 137.68 lacs towards payment of dues to Mr John Mathew and such amount will on payment, automatically be converted in respondent company as shares. The claim of the petitioner company is only based on the agreement executed on 24.03.2006 between the respondent company and the petitioner company. Admittedly the petitioner company is not a shareholder of the respondent company. It is not the case of the petitioner company that the respondent company after having allotted the shares to the petitioner company has not entered the name of the petitioner company in its register of m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... case the relief is in the nature of specific performance and the petitioner cannot invoke the jurisdiction of this Bench under sections 111(4) and 111A of the Companies Act, 1956 and this Bench prima facie does not have jurisdiction and cannot exceed its jurisdiction to entertain such claims. The counsel for the petitioner company relied upon a judgment in the matter of Nazamunnessa Begum v. Vidya Sagar Cotton Mills Ltd [1963] 33 Comp. Cas. 36 (Cal.). The said judgment is not applicable to the facts of the present case. On the other hand the counsel for the respondent relied upon a judgment in the matter of Ammonia Supplies Corpn. (P. )Ltd. v. Modern Plastic Containers (P.) Ltd. [1998] 17 SCL 463 (SC). The Hon'ble Supreme Court has held ..... X X X X Extracts X X X X X X X X Extracts X X X X
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