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2022 (5) TMI 718 - Tri - Companies LawIllegal transfer of shares - consideration for transfer of shares in the name of petitioner or not - questions with regard to genuineness of the documents can be decided by this Tribunal or not? - HELD THAT:- There is an admission on the part of the Respondents that the Petitioner has paid an amount of Rs. 10 Lakhs as part consideration for 40% shares, the total consideration being Rs. 20 Lakhs. The contention of the Respondents is that the Petitioner promised to pay the same later, but however the Respondents would handover blank transfer deeds as an assurance for transferring 40% shares and submitted that the Respondents handed over the original share certificates on payment of the balance consideration. Believing the Petitioner, blindly they handed over the blank transfer deeds as early as 2011, though share certificates were not handed over - Even according to the Petitioner, he was managing the affairs of the Company, hence the contention of the Respondents that letterheads containing the signature of Respondent No. 2 were given to the Petitioner in order to facilitate the smooth functioning of the Company cannot be dismissed. Jurisdiction of this Tribunal to decide the issues of fraud - HELD THAT:- Admittedly in this case, the Petitioner does not have Share Certificates. As to why he did not insist for issuance of share certificates is not explained. However, from the admission made by the Respondents, it is clear that Rs. 10,00,000/- was given by the Petitioner. But the contention is that the Petitioner promised to give the remaining amount of Rs. 10,00,000/- later and did not want to take their share certificate till then. All these are highly disputed questions of fact, which cannot be adjudicated by this Tribunal. Hence, this point is answered holding that the Petitioner, as admitted by Respondents No. 1 to 3 has given Rs. 10,00,000/- which can be recovered by filing an appropriate application before appropriate forum. Admittedly, the Share Certificates are in possession of Respondent No. 4. Hence, unless evidence is taken with regard to the contentions raised by either side, no finding can be given with regard to the rights of the Petitioner. As regards the Share Transfer Form which is submitted on 11.06.2014, the Counsel for the Respondent contends that according to General Circular No. 19/2014, issued by the Government of India, Ministry of Corporate Affairs, the Share Transfer Forms executed before 01.04.2014 even if it is in as per Form-7B are decided to be accepted and thereafter it should be in Form SH-4. The Counsel submits that the Share Transfer Form filed by the Petitioner is Form-7B, which is valid only up to 01.04.2014. No counter argument, is presented on the said aspect - This Tribunal does not have jurisdiction to decide the questions raised in this Petition Petition dismissed.
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