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2015 (4) TMI 805 - Board - Companies LawRectification of register of members u/s 59 of the Companies Act, 2013 - Bar of limitation - Held that:- The record reveals that the Respondent No. 1 Company vide its letter dated 31/03/2011 had advised the Petitioner/appellant to approach the competent forum for redressal of its grievances, and therefore, the cause of action lastly arose in the month of March 2011. From perusal of Section 111(4) of the Act, it is noted that the said provision although does not specifically provide the period of limitation, however, in my view, the provisions of the Limitation Act would apply in a petition filed under Section 111/111A of the Companies Act, 1956 as laid down in the case of reported in [2015 (4) TMI 640 - COMPANY LAW BOARD MUMBAI].It is settled law that, if no limitation period is prescribed, in that case Article 137 of the Limitation Act shall be applicable. Therefore, in terms of Article 137 of the Limitation Act, 3 years period with effect from the date of cause of action would be available for an aggrieved party to approach the CLB for relief under Section 111/111A of the Act. It may be seen that the Respondent Nos. 3 to 8 for the last 17 years have not come forward to claim the ownership of the impugned shares. The Petitioner/Appellant is a Public Sector Undertaking. There is no reason to disbelieve the claim of the Appellant in respect of the impugned shares. I am, therefore, of the view that the Appeal/Petition deserves to be allowed.It is declared that the Appellant/Petitioner is the owner of 230 shares of the Respondent No.1 Company along with all incidental benefits like dividend, bonus issue, rights issue, etc. accruing thereon since 1996 and the Respondent No. 1 is directed to rectify the Register of Members to effect the transfer of shares in the name of the Appellant, subject to furnishing an Indemnity Bond in favour of the Respondent No.1 to its satisfaction. - Decided in favour of appellant.
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