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TMI Blog2015 (4) TMI 805X X X X Extracts X X X X X X X X Extracts X X X X ..... 1/111A of the Companies Act, 1956 as laid down in the case of reported in [2015 (4) TMI 640 - COMPANY LAW BOARD MUMBAI].It is settled law that, if no limitation period is prescribed, in that case Article 137 of the Limitation Act shall be applicable. Therefore, in terms of Article 137 of the Limitation Act, 3 years period with effect from the date of cause of action would be available for an aggrieved party to approach the CLB for relief under Section 111/111A of the Act. It may be seen that the Respondent Nos. 3 to 8 for the last 17 years have not come forward to claim the ownership of the impugned shares. The Petitioner/Appellant is a Public Sector Undertaking. There is no reason to disbelieve the claim of the Appellant in respect of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cates to the Respondent Nos.4 to 8 or any other person. 2. The facts in brief of the Appellant's case are as follows :- 2.1 That the Appellant has purchased 230 Equity Shares of the Respondent No.1 Company (hereinafter referred to as the the Company in short) on 11th November, 1996 through the Respondent No.3, who is a stock broker, by paying a consideration of ₹ 10,95,000/-. 2.2 It is further stated that the said shares were originally held in the name of the Respondent Nos.4 to 8 and that the said shares were delivered along with transfer deeds duly signed by the authorized signatories of the Respondent No.2. It is further submitted that, however, the Company and Respondent No.2 raised an objection that there was diff ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , the Respondent Nos.3 to 8 have not appeared. 4. In their Reply, the Respondent Nos.1 and 2 have initially challenged the maintainability of the Petition/Appeal contending that the main dispute in the present case is between the Appellant and the Respondent Nos. 3 to 8, and there is no cause of action arose so far as the Respondent Nos.1 and 2 are concerned; that the proper remedy in law available for redressal of the grievance of the Appellant is to file a civil suit before the competent court; that the Petition/appeal is bad in law for non-joinder of party i.e. the joint shareholder, namely, Mr. Yogesh Chimanlal Shah; that the impugned shares were lodged for transfer by the Appellant in the year 1996 which were returned under objectio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , or if a 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, the person aggrieved, or any member of the company, or the company may appeal in such form as may be prescribed, to the Tribunal, or to a competent court outside India, specified by the Central Government by notification, in respect of foreign members or debenture holders residing outside India, or rectification of the register . 8. I have examined the allegations/averments made in the petition/appeal in light of the above said provisions, which clearly establishes that the CLB has jurisdiction over the matter in hand. I, therefore, hold that the cause of action has arisen in favour of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rms of Article 137 of the Limitation Act, 3 years period with effect from the date of cause of action would be available for an aggrieved party to approach the CLB for relief under Section 111/111A of the Act. In light of the above law, I have examined the pleadings as contained in the petition. The instant Appeal has been filed on 15/10/2013. It is, therefore, established that the Appeal is well within 3 years from the date, the last cause of action arose in favour of the Petitioner in March, 2011 when the Petitioner received a communication from the Respondents to seek an order from the Competent Court of law in regard to title of ownership of the shares-in-question. In view of the above, the issue with respect to limitation also deserves ..... X X X X Extracts X X X X X X X X Extracts X X X X
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