9911796707
TMI Blog1991 (4) TMI 315X X X X Extracts X X X X X X X X Extracts X X X X ..... ransport Corporation of India Ltd. Transport Corporation of India Limited filed objections under section 47 read with Order 21, rule 58 of the Civil Procedure Code regarding maintainability of the execution of the decree. The objections were dismissed by the learned Senior Subordinate Judge, Chandigarh, vide order dated November 13, 1990. The present revision has been filed impugning the said order. Briefly, the facts are that a suit for mandatory injunction was filed by Haryana State Industrial Development Corporation Limited against Transport Corporation of India Limited and, during the pendency of the suit, a compromise was arrived at between the parties. In terms of the said compromise, the suit was decreed. At the time of decreeing th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 31, 1986, as indicated in the schedule. Under the said agreement, vnark A, Haryana State Industrial Development Corporation Limited was to transfer 26% shares of Haryana Detergents Limited which they were holding in favour of Transport Corporation of India Limited but before the amount as indicated in the schedule was to be paid or, in turn, shares could be transferred by Haryana State Industrial Development Corporation Limited to Transport Corporation of India Limited, Haryana Detergents Limited was ordered to be wound up, vide order dated April 11, 1985, of this court (See Sarabhai Machinery v. Harynna Detergents Ltd. [1986] 60 Comp Cas 169 .) in Company Petition No. 68 of 1982; Obviously, the winding up order was passed after the passin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the suit. Being aggrieved by the order dated November 13, 1990, of the learned executing court, the present civil revision has been preferred by Transport Corporation of India Limited. Learned counsel for the petitioner contended that, after the winding up order of Haryana Detergents Limited, Haryana State Industrial Development Corporation Limited cannot transfer the shares and thus, in turn, it is not entitled to receive payments as per the agreement, mark A, from Transport Corporation of India Limited. He has further contended that there is a complete bar contained in sub-section (2) of section 536 of the Companies Act, 1956 (hereinafter referred to as "the Act"), for transfer of shares in the company in case of winding up of the co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... untary winding up, any transfer of shares in the company, not being a transfer made to or with the sanction of the liquidator, and any alteration in the status of the members of the company, made after the commencement of the winding up, shall be void. (2) In the case of a winding up by or subject to the supervision of the court, any disposition of the property (including actionable claims) of the company, and any transfer of shares in the company or alteration in the status of its members, made after the commencement of the winding up, shall, unless the court otherwise orders, be void". A bare reading of sub-section (2) of section 536 of the Act shows that in the case of winding up of the company, any transfer of shares in the company or ..... X X X X Extracts X X X X X X X X Extracts X X X X
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