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2021 (6) TMI 209 - NATIONAL COMPANY LAW TRIBUNAL , CHENNAI BENCHRectification of register of Members/Beneficiary - transmission of shares - Section 59(4) of the Companies Act, 2013 - HELD THAT:- Since the Petitioner is neither a depository, company, depository participant, holder of the securities or the Securities and Exchange Board as specified in Section 59(4) of the Companies Act, 2013 stated to be the persons eligible to approach this Tribunal seeking for a direction from this Tribunal to any Company or a Depository to set right the contravention in rectifying its register or records concerned, the Petition stood posted before this Tribunal for maintainability. From the typed set filed along with the Application, only a certificate of Registration issued by SEBI to the Petitioner to act as Registrars to an issue and share transfer agent dated 13.01.2012 is produced. However, no certificate has been placed on record by the Petitioner to establish that it falls under any of the categories as specified in Section 59(4) of Companies Act, 2013 particularly as a Depository Participant. It is required to be noted that if the Petitioner is aggrieved by the order passed by SEBI based on a complaint filed by the 2nd Respondent, the appropriate course to be adopted by the Petitioner is to approach the appropriate Appellate Authorities itself as provided in the Act under which the order was passed and this Tribunal cannot redress the grievance in relation to the order or in terms of the said order. Further from a perusal of the order passed by SEBI, it is evident that the Petitioner had failed to carry out minimum due diligence exercise taking into consideration the glaring inconsistencies in the 'Certificates' purported to be issued by Police Station regarding filing of complaint with respect to loss of share certificate, submitted by the claimants from which the same could have been identified. This Tribunal is of the considered view that if at all any person who can be considered as 'aggrieved' by the acts of the 1st Respondent or the Petitioner whether individually or in tandem it can be only the 2nd Respondent subject to him establishing his clear title to the shares entitling him to seek for rectification under Section 59 of the Companies Act, 2013 - Petitioner not being covered under Section 59(1) or Section 59(4) of the Companies Act, 2013 as to a person who is eligible to approach this Tribunal seeking for rectification as sought for in the Petition. Petition is directed to be returned by the Registry to the Petitioner as not maintainable.
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