1996 (5) TMI 328 - SC - Companies Law

Whether the petitioners have a right to forfeit the shares of those shareholders who defaulted in making payment on allotment/call money? Held that - Proceedings have been filed in different States and within the State in different Courts and hence this application for transfer of all the proceedings to one Single Court. After hearing the learned counsel for the petitioner we thought that it would be desirable to transfer these cases to one Single Court with the same State. The transfer petitions are therefore disposed of accordingly

Summary

The Supreme Court ruled that petitioners can seek forfeiture of shares from shareholders who fail to make payment. The Court advised petitioners to move High Courts to consolidate cases within their respective jurisdictions to minimize hardship and expenses. Transfer of cases to one Single Court within the same State was deemed desirable. The transfer petitions were disposed of accordingly.