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2012 (4) TMI 234 - HC - Companies LawCompany Application for Confirmation/recognition of transfer to the applicant 3498 Equity Shares in the Respondent Company, made before order of winding up but after filing of petition for winding up of the Respondent Company - The appellant was appointed as Director of the company under liquidation at its EGM - the suit has been filed by Mr. A.V.K. Rao against the appellant and others in Ranga Reddy District Court Mr. A.V.K. Rao is the sole and absolute owner of 3498 equity shares of the company under liquidation and that the appellant is wrongfully in possession of the share certificates but the purported transfer shares is without consideration, and without execution of valid transfer deeds and without approval of transfer by Board of Directors and, therefore, invalid - The applicant seeks reliefs to commence the suit against the Liquidator and other parties before the Principal District Judge - Held that:- There is a civil suit pending with regard to the transfer of shares. It is in these circumstances the Applicant cannot be granted any relief in this Company Application - The appeal is accordingly dismissed but with liberty to the appellant to make a fresh application under section 536(2) of the Companies Act, 1956 if and only if Suit No. OS 244 of 2009 is dismissed by the District Court, Ranga Reddy, Hyderabad. If the suit is decreed, there can be no question of the appellant making any fresh application.
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