Home Case Index All Cases Companies Law Companies Law + AT Companies Law - 2020 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (1) TMI 810 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHITransfer of shares - execution of transfer deed - entitlement of allotment of 60000 shares which were due to R1 (including R2) on right basis by the appellant company - time limitation - HELD THAT:- Appellant company in their correspondence with the Respondent has already accepted to issue shares to the Respondents as per their entitlement on production of court orders, affidavit and indemnity bond and on payment of ₹ 120000/- being the consideration amount of 60000 shares. During the course of arguments when we asked learned counsel for the appellant when the Letter of Administration has been submitted by the Respondent then why did you insist for affidavit and indemnity bond. When Letter of Administration has been issued, it means that the Appellants are discharged from their liability. On this, the learned counsel for appellant apologised. The appellant is a listed company in real estate and is very well aware of legal formalities. By insisting affidavit and indemnity bond again and again inspite of Letter of Administration issued clearly establish that the Appellants are harassing the poor investors. The act of the appellants deserves some penal action. We also note that the Respondents are entitled for 60000 shares as per entitlement on payment of consideration. Respondent will make payment of consideration to the appellant company within 15 days from the date of receipt of this order and he shall be entitled to the benefit of the membership from the date of payment - Appellant company will transfer/arrange for transfer 60000 shares to the Respondent within 30 days from the date of receipt of payment - impugned order upheld.
|