2020 (5) TMI 100 - NATIONAL COMPANY LAW TRIBUNAL — HYDERABAD BENCH - Corporate Laws

Head Note / Extract:
Transfer of share certificate from its first registered holder to the petitioner - allotment of bonus shares and all other benefits - section 58 of the Companies Act, 2013 - HELD THAT:- The Company Law Board held since transferor has not shown any interest in spite of notices, the company was directed to register the impugned shares in favour of the petitioner on the authority of the order. Similar is the case here also where notice is sent to the original transferor/shareholders, Mona Goel and Deepk Goel but notices could not be served and further no complaint was lodged regarding theft/loss of share certificate till date. Therefore, the Tribunal can direct the first respondent to register the transfer of shares in favour of the petitioner provided the petitioner to furnish indemnity for the amount to be fixed by the first respondent. The company refused to register the transfer on the ground that signature of the transferor differs where under also the original transferor was also directed to file objections and if no objections are filed, the company advised the transferee to execute requisite indemnity bond for effecting the transfer in its name. Since the original transferor has not raised any objection, the Company Law Tribunal directed to register the shares in the name of purchaser. Thus, when transferor has not raised any objection, the Company Law Board directed the company to register the shares including the bonus shares, if any. The first respondent is directed to transfer the impugned 100 shares in favour of the petitioner subject to the petitioner giving requisite indemnity bond within a period of 30 days from the date of order - petition allowed.