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2009 (2) TMI 471 - HC - Companies LawBogus transactions - whether the transfer of these 200 shares are true? - Injunction - Held that:- There is nothing whatsoever to indicate any mala fides on the part of the Appellant or collusion between the Appellant and the other Respondents as regards the transfer of the said 200 shares. The Petitioner admittedly had done nothing since November, 2005 when his father expired, up to 15-12-2008 when he filed the petition to protect his alleged rights. As a result of his negligence and inaction in protecting his alleged right, the Appellant an innocent third party has irreversibly altered its position to its detriment. Admittedly, the records of the company did not even remotely indicate any subsisting right of the Petitioner in respect of the said 200 shares. Nor was there anything on the record of the company which ought to have put the Appellant to Notice of any such right. It was rightly contended on behalf of the Appellants before the Company Law Board that it had advanced a sum of ₹ 1,640 crores to the company under a valid and legal transaction. Thus, the basis for granting the injunction against the Appellant is unsustainable in law and on facts. Appeal allowed.
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