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TMI Blog2015 (6) TMI 108X X X X Extracts X X X X X X X X Extracts X X X X ..... is given to the respondents to show their shares have been illegally transferred to the name of the appellants, the petition cannot be dismissed at the thresh hold. In the light of the observation made by the Company Law Board at Para-11 of the order, we do not see any reason to interfere with the order of the Company Law Board. - Decided against the appellant. - CO. APPEAL NO. 4 OF 2014 - - - Dated:- 5-3-2015 - K L. MANJUNATH AND P.B. BAJANTHRI, JJ. For The Appellant : Smt. Nalina Mayegowda, Adv. For The Respondent : Smt.S.R. Anuradha, Adv. JUDGMENT The appellant - Company is questioning the legality. and correctness of the order passed by the Company Law Board, Chennai in Company Application No. 1/2013 passed in Com ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pany Law Board, have transferred their shares in favour of the appellants herein long back therefore, the Company petition filed by them is not maintainable, since they do not hold required number of shares in order to fret their dispute adjudicated under Section 399 of the Companies Act. The petition filed by the appellants to dismiss the Company Application has been opposed by the respondents, contending that they have not transferred their share and they continue to be the shareholders of the appellant No.1 - Company. In this background, the Company Law Board held that without giving an opportunity to the petitioners to prove that they are the shareholders it cannot be rejected at thresh hold. Accordingly, the application came to be reje ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ur of the appellants and clandestinely without their knowledge the order has been obtained for transfer of the share. Therefore, respondents on their holdings the Company Petition is filed. 9. The contention of the appellants is that as on the date of filing of Company Petition before the Company Law Board the respondents were not shares holders, therefore, the petition is not maintainable. When the dispute is with regard to legally or illegally transfer of shares from the name of the respondents to the name of the appellants, the petition cannot be dismissed at threshold holding that such petition is not maintainable. Unless and until the opportunity is given to the respondents to show their shares have been illegally transferred to the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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