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2015 (11) TMI 1702 - Board - Companies LawOppression and mismanagement - maintainability of appeal - Held that:- Unless and until the qualification as prescribed under section 399 of the Act, no member can file a petition before this Bench. In the present case the petitioner ceased to be a shareholder of the company and has no locus standi to file a petition invoking the jurisdiction of this Bench. Therefore the petition is not maintainable and liable to be dismissed in limine on this ground itself. The petitioner has not denied the transfer of shares to the 4th respondent nor disputed the signatures on the share transfer forms. However at para 6(viii) it is stated that he was merely coerced by the 4th respondent along with few other persons with a threat to his life and bodily harmed, to transfer the shares held by him in the R1 Company to the 4th respondent. Further it is stated that he was coerced to sign a share transfer form which was first signed by the 2nd respondent as the 1st holder and the petitioner was forced to sign it as a 2nd holder. There is no record to show that what legal action the petitioner has taken if he was threatened to sign the share transfer form and transfer the shares to the 4th respondent. As per law the transfer of shares by the petitioner is legal and valid. Further the petitioner contends that he represented the company when the company filed a suit for specific performance against the defendant being OS No. 82 of 2006 before the Hon'ble Court of Subordinate Judge, Calicut. The R1 Company is the plaintiff in the suit however the petitioner represented the company in the capacity as managing director. The said stand cannot be a ground to contend that he continued to be a shareholder of She company or has any vested interest, further the 4th respondent filed an affidavit dated 26.07.2011 before the Hon'ble Sub-court in OS No. 82 of 2006 clarifying the position and stated that the petitioner had transferred his shares on 27.04.2011 itself and he ceases to be a director of the company and lost all association with the company. The petitioner ceases to be a shareholder of the company and has no locus standi to file a petition before this Bench
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