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2017 (6) TMI 355 - Tri - Companies LawNames of petitioners wrongly removed from the list of respondent company inspite of their obtaining succession certificate - rectification of list of members - transmission of shares - Held that:- Section of law applicable is 59 of the Companies Act, 2013. No specific period of limitation is provided for transmission of shares under section 59 of the Companies Act, 2013. However, section 433 of the Companies Act, 2013 says that, for any proceeding or appeal before the Tribunal, provisions of the Limitation Act are applicable. There is no specific provision in the Limitation Act which governs in respect of transmission of shares. Therefore, Articles 113 and 137 of Limitation Act provides for three years' limitation from the date on the right to sue accrue. In the case on hand, the right to sue the respondent company is 11.06.2012 on which date respondent company wrote a letter to the first petitioner. This petition was filed on 22nd October, 2013. Therefore, this petition is within time and it is not barred by limitation. In view of the above discussions, there shall be direction to the respondent company for transmission of first batch of 36 shares in the name of the petitioners 1 and 3 and second batch of 36 shares in the name of petitioners 3 and 4. In the result, this petition is allowed with following directions: - (a) The respondent company shall transmit 25 equity shares which originally stand in the name of deceased Mukundbhai Saheba and second petitioner in the name of petitioner 1 and 3. (b) The respondent company before transmitting the 11 equity shares (58032153 to 58032163) which are originally in the name deceased Mukundbhai Saheba and 2nd petitioner shall give notice to Jitendra Sankalchand Gandhi and in case if no reply is received and if no objection is raised by Jitendra Sankalchand Gandhi within one month, transmission of those 11 shares also in the name of petitioners 1 and 3 can be effected. In case, Jitendra Sankalchand Gandhi raises any objection, the company shall inform him that he can resolve the dispute regarding the above said eleven equity shares of the respondent company in Civil Court, if it is within time.
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