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2017 (5) TMI 1274 - Tri - Companies LawLien on shares - Held that:- The Articles of Association is a constitutional document of the company and is also a binding instrument on the shareholders and the company has all the rights to take action against the shareholder as per the Articles of Association by exercising the lien on the shares of the Petitioner. The amount which was due and payable by the Petitioner to the company have not been paid, due to which the company has exercised its lien on the Petitioner's shares The company has rightly exercised its lien over the shares of the Petitioner. Therefore, the Petitioner is no longer share holder in the company w.e.f. 26.12.2013. Hence, the Petitioner cannot continue with this Petition after cancellation of his shares by R1 company. In view of the facts, circumstances and case law stated above, the Company Petition is hereby dismissed.
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