Home Case Index All Cases Companies Law Companies Law + HC Companies Law - 2015 (10) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (10) TMI 2774 - CALCUTTA HIGH COURTJurisdiction - power of Company Law Board lacked authority in receiving the petition - time limitation - whether the Company Law Board lacked authority in receiving the petition under Section 58 of the Companies Act, 2013 beyond the period envisaged in sub-section (4) thereof? - HELD THAT:- Section 58(4) of the Act permits an application to be filed by a person within the time stipulated in such provision. The provision is for the benefit of the transferees of shares in a public company and the time-limits are 60 days from the date of the refusal to register the transfer or 90 days of the delivery of the instrument for transfer to the company without any intimation as to its fate - Though the provision sets the time-limits as above, nothing therein prevents the Company Law Board from receiving a petition or application thereunder beyond the stipulated period. Since it is now judicially recognised that the principles contained in the Limitation Act, 1963 would be applicable to matters before the Company Law Board, irrespective of the use of the word “appeal” in the relevant provision, it would appear that the Company Law Board would have the authority to receive a petition after the expiry of the specified period, by applying the principles of the Limitation Act as may be applicable - The question of law sought to be raised is of no consequence since the provision does not prohibit the receipt of a petition or application thereunder after the expiry of the time limits indicated therein. Application dismissed.
|