Clarification Applications by Transferees of Shares Maintainable Despite Prior Sale.

The High Court determined that the appeal by appellant No.1, CRBCML, through appellant No.2, is not legally maintainable under the Companies Act, 1956, specifically sections 483, 521, and 531-A. The objections to the clarification applications by the transferees in the winding-up petition are not valid. Although the company was the de jure owner of the shares sold before April 9, 1997, the de facto legal rights were transferred to the applicants in the ordinary course of business, protected by Section 562(2) of the Act. The appeal was dismissed. .....

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