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2019 (5) TMI 605 - AT - Companies LawRectification of Register of Members - allotment of shares made to 146 persons - Section 59 of Companies Act, 2013 - HELD THAT:- The appellant has not placed copy of the power of attorney and also the copy of the deed of assignment before the Appellate Tribunal to enable us to come to the definite conclusion. We further observe that the alleged allotees has not placed any shares certificates before the Tribunal. We also observed that the appellant have also not agitated that the shares certificates have not been received by them. We further observe that the shares are freely tradeable and the same can be transferred. The appellant is agitating that the shares have been transferred but has not produced any proof to substantiate his version. In the absence of any material on record we cannot reach at a conclusion that the shares cannot be transferred or has not been transferred without adequate reason. Such substantiation has to be done by the appellant and we feel that he has apparently failed to do so both before the NCLT. Appeal dismissed - decided against appellant.
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