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2017 (7) TMI 874 - Tri - Companies LawRestoration of the name of Company on the register of Registrar of Companies - petitioners locus standi to be the director of member of the company - Held that:- According to the requirement of Section 108 of the Companies Act, 1956, a company is barred from registering transfer of shares unless a proper instrument of transfer duly stamped and executed by or on behalf of the transferor and by or on behalf of the transferee is presented to the company. It must specify the name, address and occupation of the transferee and it should be delivered to the company alongwith the certificate relating to the shares or with the letter of allotment of the shares. After the company has accepted the transfer, then it is required to enter the name of the transferee in the register of the companies. It is, thereafter that proper information is sent to the Registrar of Companies and the name of the transferee formally stands registered as a shareholder. In the reply filed by the Registrar of Companies-Respondent no. 2 it has not been revealed that at any stage petitioner acquired the share or uploaded on the website of the Register or submitted the same personally so as to constitute them either members of the respondent no. 1 company. The petitioners as such have not been able to show any document to claim their locus standi to be the director of member of the company. They are simply persona non grata. There is no possibility for us to assume that there is land in the name of the company at Mussoorie. No other condition laid down in section 560(6) of the Companies Act, 1956 has been satisfied namely; that the company was in operation or it could be presumed to be carrying on its business at the time when it was struck off. Therefore, the Petition is liable to be dismissed.
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