9911796707
TMI Blog2015 (5) TMI 591X X X X Extracts X X X X X X X X Extracts X X X X ..... t company for the petitioner being wrongfully shown as shareholder of the respondent company, adjusting the consideration paid by the petitioner towards earnest money for sale of the equity owned by the respondent as equity of the respondent company. 2. The substance of the CP is the respondent on 10.03.2006 entered into an agreement to sell an Industrial Plot admeasuring 8000 squares meters bearing Nos. 95 & 96, (subsequently numbered as plot Nos 177 & 178) situated at sector 3, Bawal Industrial Area to the petitioner for a total consideration of Rs. 1,75,00,000/-. 3. The petitioner further submits that the respondent received a total sum of Rs. 25,00,000/- as earnest money at the time the respondent entered into a sale agreement with th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... In view of the same, the name of the petitioner company being wrongfully shown as the member of Respondent Company, the petitioner prays this Bench to set aside the allotment and direct the rectification of the register of members of the respondent company by deleting the name of the petitioner as a member and shareholder of the Respondent Company. 7. The respondent company filed reply denying the averments of the CP without annexing any single document showing as to how the petitioner was made shareholder of the company, the respondent company reply has run through denials to the CP filed by the petitioner instead of justifying as to how the petitioner has been made shareholder in the company. 8. When this petition come for hearing, the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n of a company shall be freely transferable: [Provided that if a company without sufficient cause refuses to register transfer of shares within two months from the date on which the instrument of transfer or the intimation of transfer, as the case may be, is delivered to the company, the transferee may appeal to the Tribunal and it shall direct such company to register the transfer of shares.] (3) The [Tribunal] may, on an application made by a depository, company, participant or investor or the Securities and Exchange Board of India, if the transfer of shares or debentures is in contravention of any of the provisions of the Securities and Exchange Board of India Act, 1992 (15 of 1992), or regulations made there under or the Sick In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that it has been Illegally allotted shares of the Respondent company without notice to the petitioner; therefore, sought for rectification of register. The case of the petitioner is about allotment, but not on transfer as laid under sub-section (l11A) of the Companies Act. It is clear that there are two provisions under the Companies Act dealing with rectification of share register, one is section 111 of the Act 1956 deal with private limited companies, another is section 111 A of the Act 1956 deal with public limited companies. It is true sub-section (4) of section 111 has not said rectification is limited transfer and transmission of the shares, whereas the heading of section 111A of the Act itself says rectification of register is on tr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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