Home Case Index All Cases Companies Law Companies Law + Tri Companies Law - 2017 (7) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (7) TMI 1019 - Tri - Companies LawPeriod of limitation - transfers registered without duly complying with the FEMA Regulations - eligibility of application made by a depository company participant or investor or the Security Exchange Board of India - Held that:- Time of filing the petition during 2011 have not made any application showing 'sufficient cause' for the condonation of delay or even during the course of arguments no such explanation has been made. Thus, the counsel for Respondents/petitioners have neither shown “sufficient cause” for the prolonged delay, nor payed for condonation of delay in the matter in hand. However, he made a reference to the ruling of the CLB given in S. Kanthimathy v. Woodlands Estates Ltd. [2008] 83 SCL 491. In the said case, under para 22, it has been observed that it is a settled law that delays in bringing the appeals are required to be condoned in the interest of justice, where no gross negligence or deliberate inaction or lack of bona fide is imputable to the party seeking condonation of delay and in the said matter the legal heirs were engaged in resolving the dispute before approaching the CLB and the CLB had taken the ground of their being engaged in resolving the disputes as “sufficient cause” for condonation of ten months' delay. But in this case, Respondents/petitioners have never given any explanation with regard to the delay caused in filing the company petition. Therefore, this ruling is not applicable to the facts and circumstances of the present case, as the facts in this matter are distinguishable from that of the facts stated in the ruling referred above. From 2007 to 2011 there is a lapse of four years which is abnormal delay in filing the petition. Therefore, the present petition is barred by delay and laches.
|