9911796707
TMI Blog2001 (10) TMI 1139X X X X Extracts X X X X X X X X Extracts X X X X ..... ompany be ordered and directed to pay over the petitioners and to account for all rights which attached to and accretions including all dividends, bonus shares, right shares which attached to or arose in connection with the holding of the said shares as on 30.6.1988 or alternatively pay to the petitioners the money equivalent thereof. The other reliefs which are incidental to the above two are set out in the petition. 2. Brief facts of the case are that to filing of the present petition, the petitioners had filed a suit in the City Civil Court, Bombay being S.C. Suit No. 6007 of 1988 (hereinafter referred to as the said suit) in respect of the said shares wherein Respondent No. 1 & 2 herein were Defendant Nos. 1 & 2 respectively. We shall ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orders appears to have been made and the Hon'ble City Civil Court, Bombay was pleased to pass an order restraining the Respondent No. 1 from transferring the said shares in favour of the Respondent No. 2. 5. On 22.12.1988 an ex-parte decree was passed in favour of the petitioners in terms of prayers (a) and (b). However, due to typographical error the Roznama of the Hon'ble city Civil Court pertaining to the said date i.e. 22.12.1988 showed decree in terms of prayers (a) and (d). A diligent investor ought to have noticed the said error immediately on receipt of the said Roznama. By his letter dated 23.12.1988, the petitioners' then Advocate informed Respondent No. 1 of the passing of the said ex-parte decree in terms of prayers ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rs! 7. By their letter dated 7.10.1993, the Respondent No.1 informed the petitioners that the said decree was in terms of prayers (a) and (d) and the Respondent No. 1 had in substantial compliance thereof had sent the share certificate pertaining to the said shares to the petitioners. It was only in July, 1994 i.e. almost a year after the said fact was admittedly discovered by the petitioners themselves that the petitioners got the said decree rectified. It is pertinent to note here that it took almost another three months for the petitioners to send the certified copy of the amended Roznama of the Hon'ble City Civil Court rectifying the said typographical error. 8. The petitioners moved the Company Law Board only in Oct., 1999 by way ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to prove that the subsequent transferees/holders were not bonafide transferee/holders which can be proved only if the petitioners are able to establish that the subsequent transferees/holders had notice of the said suit or the petitioners' claim to the said shares an impossible task, in our view, without leading evidence and without impleading the subsequent transferees/holders. In the present case, as stated above the petitioners have from time to time also been guilty of delay and latches (twice for almost 5 1/2 years!) in asserting their rights in respect of the said shares. If the petitioners had taken prompt action perhaps the subsequent transferees/holders would not have come into the picture. It was also not seriously disputed b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the registered holders of the aforesaid 50 shares comprised in Share Certificate No. 10840 and bearing Distinctive Nos. 01141601 to (sic)650. We direct the Respondent Company to rectify its register of members accordingly. 13. As regards 270 shares (being right/bonus shares issued from time to time on the said shares) which we, are informed by the Counsel for Respondent No. 1 have been sent to the company by Respondent No. 2 and the 498 shares (also being right/bonus shares issued from time to time on the said shares) of which Narayan C. Demble and Geeta N. Demble were the subsequent transferees/holders we decline to pass any orders since the petitioners as already stated above have been time and again guilty of delay for more than 11 yea ..... X X X X Extracts X X X X X X X X Extracts X X X X
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