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2017 (7) TMI 147 - Tri - Companies LawIssue of duplicate shares on lost share certificates - Transfer and transmission of securities - Held that:- In the case on hand, the dispute is relating to the title of 20000 equity shares of ₹ 2/- each of 1st Respondent Company between the Petitioner and 5th Respondent. Such title disputes cannot be decided by the Company Law Tribunal and it can only be decided by a Civil Court. Section 430 of the Act only says that the Civil Court's jurisdiction is ousted only in respect of matters which the Tribunal is empowered to determine. In the case on hand, in view of the complicated question of title to the disputed shares to the disputed shares between the Petitioner and the 5th Respondent is involved, this Tribunal cannot agitate upon the said issue. More so, there is no specific provision in the Companies Act which envisage the Tribunal to give a direction to the 1st Respondent Company to issue duplicate shares. It is already said that the relief sought by the Petitioner does not come under the provisions of Sections 58 and 59 of the Act. In the Petition there are no allegation made against the 2nd Respondent. But in the Rejoinder filed by the Petitioner, allegations were made against the 2nd Respondent that he colluded with the 5th Respondent and brought into existence some forged and fabricated documents. No material is placed on record by the Petitioner to substantiate such wild allegations involving 2nd Respondent. More so, the Petitioner did not seek any relief against the 2nd Respondent. Moreover, there is no basis to grant any relief in this application against 2nd Respondent. More so, the Main Petition itself is misconceived, considering the prayer made by the Petitioner.
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