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TMI Blog2021 (10) TMI 81X X X X Extracts X X X X X X X X Extracts X X X X ..... case may be, to the main Company Appeal - The 'Office of the Registry' is directed to List the matter on 20.10.2021. - I.A. No. 260/2021 in Comp. App. (AT) No. 61 of 2020 - - - Dated:- 21-9-2021 - M. Venugopal, J. (Actg. Chairperson), V.P. Singh, Member (T) And Dr. Ashok Kumar Mishra, Member (T) For the Appellant : Ravi Kumar and Ravi Prakash, Advocates For the Respondents : Kanika Singhal, Advocate ORDER Heard both sides. According to the Petitioner/Applicant/Intervenor in I.A. No. 260/2021 in Comp. App. (AT) No. 61 of 2020, he is the original allottee of 150 shares of the First Respondent/M/s. ITC Ltd. and the said shares are still registered in his name in the records of the first Respondent/ITC as on date, against which the Appellant/M/s. Singhal Finstock (P) Ltd., the Appellant/Company has preferred this present 'Appeal' before this 'Appellate Tribunal' when the case came to be dismissed by the 'National Company Law Tribunal', Kolkata Bench through its order dated 05.12.2019. 2. In I.A. No. 260/2021, the Applicant has come out with a prayer that he be permitted to get himself impleaded in the main Comp.App.(AT) No. 6 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or misappropriated them, so the appellant was not able to provide the proof of payment. After this none appeared in the said case on behalf of M/s. I.C. Capital Markets Ltd. and they were proceeded ex-parte for the reasons best known to them as it would have been very difficult to prove the proof of payment to the applicant, as the same had to be made through cheque involving a bank, as the amount was a big amount at the relevant point of time and there has to be a transaction effected through bank. That M/s. AARKAY Co. were operating from MRF Building, 5th Floor, 3/4 Asaf Ali Road, New Delhi - 110002 while M/s. IC Capital Markets was operating from 1/16 A, Asaf Ali Road, New Delhi - 110002, the possibility cannot be ruled out that the registered letter sent by the applicant/intervener was misappropriated by Mr. Singhal, the director of the appellant company or has been goofed up to play foul. 3. The applicant/intervener brings on record the fact that after the decision of the civil case his advocate Mr. B.K. Gaur shifted to Aligarh without informing any of his clients. His clients, including the applicant, who searched for him and after some time the applicant he ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t before the Tribunal below, his advocate took the argument that the applicant his brother's firm namely M/s. Rakesh Singhal Co. through bill No. 1047 dated 11.6.94 got the shares. It is pertinent to mention here that the validity of share transfer deed is 12 months, which had already expired on this date (i.e. 11-6-94) under the relevant sections of the Companies Act, 1956. Which of the two version is correct can only be explained by Mr. Singhal only. C. The forgery on the part of Mr. I.C. Singhal and his associates(who all happens to be his family members and his employee), more specifically his wife Smt. Anita Singhal and his employee Srikrishna Kumar have signed it as 2 witness to the bogus sale deed (not registered with ROC and any other competent authority till date) and Miss Shuchi Singhal, daughter of IC Singhal as a Buyer being director of the appellant herein and further on a bare perusal of this bogus document with naked eye revealed that mentioned over it is overwritten and original of the so called SALE DEED dated 18.12.2002 (Annexure E of Annexure 2) was not produced in any court but only photocopy thereof was produced as this irregularity will surfa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the Companies Act, 2013. 7. The Learned Counsel for the Appellant projects the arguments that the impugned order had observed that there is nil claim of the Appellant/Intervenor on the claimed shares and that the Tribunal had directed transfer of such shares to the 'Investor Education and Protection Fund (IEPF)', Ministry of Corporate Affairs, Govt. of India u/s. 124(6) of the Companies Act 2013 ignoring many facts on record. 8. The Learned Counsel for the Appellant adverts to the fact that by keeping the transfer of claimed shares in abeyance and giving unreasonable time to the Appellant/Intervenor, the First Respondent/ITC had acted against the clear provisions of Section 108, 111/Companies Act, 1956. 9. Apart from that, the First Respondent/ITC had no authority to keep transfer of claimed shares when the transferred documents lodged by ICCM were admittedly found valid and complete in all respects and when no stay was granted by any competent court of law, as against the transfer of claimed shares in favour of the ICCM. 10. The Pith and substance of the submission of the Learned Counsel for the Appellant that the First Respondent/ITC Company had acted reason ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f NCLT, Kolkata Bench dated 05.12.2019, this Tribunal comes to a resultant conclusion that IA No. 260/2021 filed by the Appellant is to be allowed and accordingly the I.A. No. 260/2021 is allowed, to secure the ends of justice. No costs. 18. Consequent to the allowing of IA No. I.A. No. 260/2021 in Comp. App. (AT) No. 61 of 2020 this Tribunal through its order dated 21.09.2021 as a logical corollary, the 'Office of Registry' is directed to carry out the necessary consequential amendment to the IA No. 260/2021 in the main 'Appeal' Comp.App.(AT) No. 61 of 2020. 19. Further, Appellant is directed to correct the main cause title in the Appeal Paper Book(s) and amend the 'Memo of Parties' etc. diligently. 20. The Intervenor/Appellant is arrayed as newly added party (i.e. as second Respondent) in the main Comp.App.(AT) No. 61 of 2020 and by virtue of his impleadment is permitted to file his Reply/Response as the case may be, to the main Company Appeal. In this regard, to enable the newly added party (2nd Respondent) to file the Reply/Counter/Response, the Learned Counsel for the Appellant is directed to serve the requisite material/paper book(s) to the Le ..... X X X X Extracts X X X X X X X X Extracts X X X X
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