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TMI Blog1998 (2) TMI 454X X X X Extracts X X X X X X X X Extracts X X X X ..... ring their names as holders of equity shares to the extent they have purchased and applied for transfer. The board of directors have rejected the transfer applications filed by the petitioners on the ground that the transfer will not be in the interest of shareholders and the company. The necessary details of each of the petitioners, the shares sought to be transferred, its value and date of rejection has been produced in a tabular form, which is being reproduced hereunder : Sl No. C.P. No. No. of Shares ShShare Cer. No. Date of Refusal 1. 26/88 10 275 112 24-1-1987 2. 27/88 10 472 447 24-1-1987 3. 28/88 10 483 284 24-1-1987 4. 29/88 11 469 473 24-1-1987 5. 30/88 10 357 63 24-1-1987 6. 31/88 10 263 159 24- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ngly approved the direction of the Company Law Board (CLB) to register the shares applied for transfer. In the said view of the matter, the impugned resolution of the board of directors of the respon-dent-company cannot be held to be sustainable in law. 5. Despite the said legal position, Shri Naganand, the learned counsel for the respondent-company, has taken technical objection with regard to the very maintainability of these petitions under section 155 on the ground that the petitioners herein had an alternative remedy by way of an appeal to the Central Government under section 111 of the Act and the same having not been filed within the prescribed period these petitions cannot be entertained by this Court after lapse of more than a yea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... had an alternative remedy of appeal by itself cannot be a ground for not entertaining the present petitions. Accordingly the preliminary objection to the said extent is rejected. 9. The second aspect of the preliminary objection is as to whether the petitioners can be held to be guilty of laches in approaching this Court after the lapse of about a year from the date of rejection of their applications. This again has two aspects, namely : (i) the laches are caused because of unreasonable delay in approaching this Court or (ii) because of having been filed beyond any statutory period of limitation. To answer this part of the objection one first needs to examine and ascertain whether there is any statutory period of limitation prescribed eith ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in isolation from all other articles in Part I of the third division. This Court in Nityananda Joshi's case AIR 1970 SC 209 has rightly thrown doubt on the two Judge Bench decision of this Court in Athani Municipal Council case AIR 1969 SC 1335 where this Court construed article 137 to be referable to applications under the Civil Procedure Code. Article 137 includes petitions within the word 'applications'. These petitions and applications can be under any special Act as in the present case. 22. The conclusion we reach is that article 137 of the 1963 Limitation Act will apply to any petition or application filed under any Act to a civil court. With respect we differ from the view taken by the two Judge Bench of this Court in Athani Municip ..... X X X X Extracts X X X X X X X X Extracts X X X X
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