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2020 (3) TMI 266 - Tri - Companies LawMaintainability of Company Petition - attachment of shares - stay on the proceeding of the auction of the shares of the Petitioner - Company Petition is opposed by the Respondent Nos. l to 4 by filing Statement of Objections dated 26.06.2019, by inter alia raising the maintainability of the Company Petition on the ground that the Petitioner is not a shareholder/member in the 1st Respondent Company. HELD THAT:- It is not in dispute that the Petitioner has suffered different Awards passed by the Deputy Registrar of Co-operative Societies, South Zone, Bangalore City District and Nominee of the Registrar of Co-operative Societies at Bangalore in RCS/04/SOU/1029/2015-16 dated 06.06.2016, RCS/04/SOU/1030/2015-16 dated 06.06.2016, RCS/04/SOU/1031/2015-16 dated 06.06.2016, by directing the Respondent therein (Petitioner herein) to pay different amounts and also granting liberty to the Petitioner to recover the amount by Sale of immovable properties or movables properties attached by the Court. Accordingly, the shares of the Petitioner as mentioned below, are auctioned and transferred to the successive bidder. Therefore, the Petitioner admittedly ceased to be Member of the Company by virtue of auction of his shares. Therefore, until and unless, he get back his shares, after succeeding his legal battle he is prosecuting, as mentioned supra he cannot maintain Company Petition. Therefore, Petition can be disposed of by granting liberty to the Petitioner to approach the Tribunal, after becoming member of the Company. Petition disposed off.
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