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2019 (11) TMI 1131 - AT - Companies LawCondonation of delay - Period of limitation - supply for ‘Transfer of Shares’ and ‘Rectification of Register’ - case of appellant is that the Adjudicating Authority had failed to appreciate that the statutory prescribed time period to supply for ‘Transfer of Shares’ and ‘Rectification of Register’ is 60 days from the date of receipt of refusal or in case no notice of refusal was transmitted by the Company, within a period of 90 days from the date of which the Instrument was transferred was delivered to the Company. HELD THAT:- While dealing with an ‘Application for condonation of Delay’, the concerned Tribunal / Appropriate Authority is only required to consider whether the ‘Plea of Sufficiency of Cause’ is a reasonable one or otherwise, of course after taking into consideration of the facts and circumstances of a given case. Undoubtedly, consideration of an existence of a ‘Sufficient Cause’ is within the ambit of the concerned Authority, which has to be exercised based on sound judicial principles - It cannot be gain said that ‘Right to refuse’ registration of transfer of shares, ‘Sufficient Cause’ is question of law and the cause shown for refusal is sufficient or otherwise in a given case, can also be a ‘mixed question of law’ and fact. Besides this, a refusal may be on the basis of ‘Breach of Law’ or any other ‘Sufficient Cause’. One cannot brush aside a vital fact that in Law, a Lis’ is to be decided on merits and no party should be non-suited harping on technicalities and also by adopting a pedantic approach. - There is no two opinion of the fact that although ‘Day-Today’ explanation for ‘Condonation of Delay’ is not necessary, but ‘Sufficiency of Reason’ must exist. In the instant case, this Tribunal comes to a consequent conclusion that the Tribunal had borne in mind the well settled principal in Law that when the matter is ‘fought on merits’, the same is to be disposed of in accordance with law etc - appeal dismissed.
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