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2017 (8) TMI 1619 - Tri - Companies LawMaintainability of petition - Condonation of delay in filing petition - issuance of duplicate share certificates - illegal appointment of the Respondent No. 3 as Director - illegal allotment of share to Respondent(s) sometime in 2005 and 2006 - issuance of notice of any meetings since 2006 onward, etc. HELD THAT:- This Court cannot preclude from dealing with the delay and laches on the part of the petitioner. Delay and laches do apply which starts from the date of knowledge. The doctrine of laches is based on equitable consideration and depends on general principle of justice and fair play. There is no presumption that the delay is deliberate. To be the laches delay should be such that it could be said that the petitioner is not entitled to relief on account of gross negligence or inaction or want of bona fide imputable to him or that he has given up(waived) his right by acquiescence or by his conduct or neglect. The petitioner has totally failed to explain his silence and inaction from 1981 till filing of the instant case - Under such situation, even if I calculate as of 2005, the date of appointment of the Respondent No. 3 and 2009 on which date the petitioners' share was shown as 10,000 in the Annual Return, then even the petitioner has failed to surmount the delay of 6 years in bringing his claim. The case of the petitioner is not maintainable on account of inordinate and unexplained delay and inaction on the part of the petitioner.
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