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TMI Blog2020 (12) TMI 1178X X X X Extracts X X X X X X X X Extracts X X X X ..... rs, and it do not involve any contentious issues to be adjudicated upon by the Tribunal, it would be just and proper to direct the Company to take appropriate action for transmission of shares in question to the Applicants. And no prejudice would be caused to the Company to accede the request of Applicants, their inaction is illegal and against the said provision. The Contention of learned counsel for the Respondent that the Applicants have not submitted Will of deceased share holder is not tenable in the instant case. The Respondent Company is directed to take appropriate action for transmission of shares held in the name of Mrs. Parvathamma to the Petitioners, within a period 3 (three) weeks from today - petition allowed. - C.P.N ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of ₹ 100/- each and paid up capital of ₹ 2,21,03,500/- divided into 2,21,035 equity shares of ₹ 100/-. The present Directors in the office of the Respondent Company are as follows: Name of the Directors Father's name DIN Address Hanakadadur Puttamaregow da Shobha Puttamaregowda 06790488 No.7/2, Flat No. 404, JP Regency Apts, Harris Road, Benson Town, Bengaluru Karnataka -560046 Shanthappa Stevensamuel Manohar Shanthappa 08235388 Flat A 410 3 rd Floor, Satwin Vielle Kalkere Main H ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... de to the Applicants with respect to the refusal of the request for transmission. As such the Applicants derive a right to file an appeal before this Tribunal as the 30 days period as provided under Section 58 of the Act elapsed on 28th August 2020 i.e. 30 days from the date of sending the email enclosing the request letter for transmission and related documents (29 th July, 2020), thus the cause of action for this appeal arose on 28th August, 2020. 4) The Applicants are natural legal heirs recognised in the eyes of law and all the relevant documents have been submitted to the Company to support the same such as Death Certificate of Mrs.J.P Parvathamma, affidavit and indemnity bond. Hence, the present Application is filed seeking th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on and appeal against refusal.-(1) If a private company limited by shares refuses, whether in pursuance of any power of the company under its articles or otherwise, to register the transfer of, or the transmission by operation of law of the right to, any securities or interest of a member in the company, it shall within a period of thirty days from the date on which the instrument of transfer, or 49 the intimation of such transmission, as the case may be, was delivered to the company, send notice of the refusal to the transferor and the transferee or to the person giving intimation of such transmission, as the case may be, giving reasons for such refusal. (2) Without prejudice to sub-section (1), the securities or other interest of any memb ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tained by any party aggrieved. (6) If a person contravenes the order of the Tribunal under this section, he shall be punishable with imprisonment for a term which shall not be less than one year but which may extend to three years and with fine which shall not be less than one lakh rupees but which may extend to five lakh rupees. 7. As stated supra, the Petitioners are admittedly natural legal heirs of deceased shareholder and have submitted representation/ request to the Company along with requisite documents and the Company failed to act upon, forcing the Applicants to approach the Tribunal bearing the cost of litigation. The above section clearly mandates the Company to act within stipulated period. However, the Company failed to d ..... X X X X Extracts X X X X X X X X Extracts X X X X
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