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2015 (6) TMI 108 - HC - Companies LawTransfer of shares - Section 399 of the Companies Act, 1956 and Regulation 44 of the Company Law Board Regulations, 1991 - Held that:- The contention of the appellants is that as on the date of filing of Company Petition before the Company Law Board the respondents were not shares holders, therefore, the petition is not maintainable. When the dispute is with regard to legally or illegally transfer of shares from the name of the respondents to the name of the appellants, the petition cannot be dismissed at threshold holding that such petition is not maintainable. Unless and until the opportunity is given to the respondents to show their shares have been illegally transferred to the name of the appellants, the petition cannot be dismissed at the thresh hold. In the light of the observation made by the Company Law Board at Para-11 of the order, we do not see any reason to interfere with the order of the Company Law Board. - Decided against the appellant.
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