Home Case Index All Cases Companies Law Companies Law + Board Companies Law - 2012 (4) TMI Board This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2012 (4) TMI 312 - COMPANY LAW BOARD, MUMBAITransmission of shares and to rectify the register of members - The petitioner is kept completely in the dark as to the status of the company, position of fixed assets, present valuation of the assets etc. Section 109A of the Companies Act is clear as to transmission of shares to the legal heirs in case of members who have appointed a nominee - it is settled law that the board of directors of the company even should not make any roving enquiry - When the petitioner does not have locus standi, there is no valid petition in the eyes of law. By continuing with the petition without any locus standi, the petitioner has abused the process of law - respondent No. 1 is not empowered to decide this issue of succession under the law and is bound to rely upon the succession certificate issued by a competent authority designated for this purpose From the perusal of documents filed by the petitioner along with the petition it is seen that he addressed letters dated February 15, 2010, February 17, 2010 and July 12, 2010 to the company requesting transmission of shares on the ground that he is the only legal heir of deceased shareholder - The said fact has been concealed by the petitioner and tried to obtain the orders from this Bench keeping in the dark, and this Bench presumes that the said act is with a mala fide intention and with ulterior motive, and this Bench can dismiss the petition even on that ground. However, the matter is decided on merits - . The stand of the respondent is absolutely correct and this Bench cannot interfere in absence of required documents as per the law or articles of the company - Petition is dismissed
|