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2017 (12) TMI 561 - AT - Companies LawOppression and mismanagement - illegal removal of appellants from their directorship from the 1st Respondent Company - Held that:- In the light of the submissions made by the respondent that the payment has been made and the instrument for transfer of shares having been signed by the appellant, it is only a matter of time when the shares will be transferred from the appellant to the respondent and once the shares have been transferred and have been shown as transferred, the appellant shall not be a shareholder of the 1st respondent. As soon as the appellant is no more/longer a shareholder of the 1st respondent, or the appellant is not shareholder of the 1st respondent on the date of filing of the petition, no petition is maintainable under Section 397, 398 of the Companies Act, 1956 read with Sections 241 of the Companies Act, 2013. It is observed that the appeal of the appellant is not maintainable in as much as the appellants have not come to Hon’ble Court with clean hands. The appellants have no right to file the appeal as the appellant was not holding any shares at the time of filing of appeal. The claim of the appellant is based on oral assertions, which is devoid of any force and is inadmissible in evidence
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