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2008 (6) TMI 351 - SC - Companies LawFraudulent transfer of shares - Held that:- Appeal dismissed. Learned Judge of the Special Court has rightly concluded that 200 duplicate shares were obtained by the appellant by misrepresentation. The said 200 shares plus 50 Bonus shares were attached by the CBI in proceedings initiated against deceased Harshad S. Mehta, therefore, the attached shares of the fourth respondent-company could not be transferred to any party. The record of second respondent-Custodian would reveal that 250 shares were purchased by the appellant in the month of June, 1994 and payment of Rs. 2,92,400 was made by cheque dated 6-7-1994. In these circumstances, the learned Special Judge directed the appellant to pay to the first respondent an amount of Rs. 2,92,400 with interest at the rate of 18 per cent per annum from 6-7-1994 till the date of realization. Thus the orders of the learned Special Judge impugned in these appeals do not suffer from any infirmity or illegality warranting interference in exercise of appellate power.
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