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2018 (12) TMI 1767 - NATIONAL COMPANY LAW TRIBUNAL, CHANDIGARHAllotment and transfer of share - It is stated that the petitioner had already submitted the transfer instrument duly executed by the petitioner as directed by the respondent No.1 company but the respondent No.1 company first denied the transfer on the ground of non-inheritance of the said right and later on, on the ground that the relevant documents were not provided before 26.09.2007 - condonation of delay in filing appeal - HELD THAT:- The instant prayer made under Section 58 of the Companies Act, 2013 is in the nature of Appeal as contemplated in sub-section (4) of Section 58 and the application for condonation of delay is maintainable in the Appeal. The petitioner had been pursuing the genuine cause of seeking the letter of Administration before the District Judge in the application filed in the year 2007 which was decided after a period of 5 years, in the year 2012. The delay thus cannot be said to be malicious or contumacious but rather bonafide. The application for condonation of delay is thus allowed. The arrangement as well as the later correspondence of respondent No. 1 company clearly brings out that transfer of share is involved and thereby Section 58(4) of the Act would become applicable. In view of this position, the applicability of Section 59 of the Act is not being examined. The respondent No.1 company without sufficient cause refused to register the transfer of shares consequent to the arrangement between the respondent no.1 company and the erstwhile respondent No.2 company whereby the father of the petitioner/his legal heirs were entitled to receive equivalent shares of respondent company No.1 from respondent company No.2 - the petition is maintainable in law and the contentions raised by the respondent No.1 and 2 companies in respect of the maintainability of the petition cannot be accepted. Under the provisions of Section 58 (5) of the Act, we direct that the transfer shall be registered by the respondent No. 1 company and the respondent No.1 company shall comply with such order within a period of ten days on receipt of the order - Application disposed off.
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