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2017 (4) TMI 1419 - AT - Companies LawOppression and mismanagement - illegal transfer of shares - as alleged that the respondent illegally transferred 1st respondent's/petitioner's shares to 2nd respondent - Held that:- In the absence of a date of transaction alleged by the respondents to reckon the commencement of three year period, the date of knowledge becomes material and in the instant case it is contended by the petitioner that he became aware that he has not been shown as a shareholder, only from November/December, 2006 and that only in February 2007 of the alleged illegal and fraudulent transfers, after perusing the annual returns based on inspection. The respondents have not been able to rebut through any documentary evidence other than claiming that since the annual returns have been regularly filed it should be imputed that the petitioner had the knowledge of the transaction of share transfer in 2003 itself and hence should have come within the prescribed period which he had failed to do. We are unable to purchase the argument of the respondents for the simple reason that in the absence of any definite date of transaction reflected even in their own record, namely the annual return or for that matter as rightly contended by the petitioner even in the pleadings, the date of knowledge becomes material for the purpose of reckoning the period of limitation and since the petitioner has been filed within 3 years from the date of knowledge i.e. in the year 2007 and as the instant petition is only a continuum of the earlier CP 67 of 2007, we hold that the petition has been filed within the period of limitation and hence maintainable. In view of the specific and well reasoned judgement given by the Tribunal and in absence of any specific date of transfer of shares in favour of 2nd respondent, we find no ground to interfere with the impugned judgement. The appeal is dismissed.
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