TMI Blog2010 (11) TMI 848X X X X Extracts X X X X X X X X Extracts X X X X ..... of certificates of 650 shares of R1 Company along with transfer deeds duly executed by the transferors and hence became bona fide buyer of said shares for valuable, consideration and entitled to get said shares transferred in the name and to receive all the benefits declared and delivered by R1 Company after the date of purchase. On receipt of certificate of said shares and transfer deeds duly executed by the transferors, the petitioner had received actual and physical possession of said shares as bona fide buyer. The petitioner had completed transferee portion and lodged the said shares for transfer. The petitioner undertook renovation work at home and temporarily shifted his residence to some other place. During the shifting and re-shifting of residence, the transfer deeds duly signed by the transferor and transferee were lost and not traceable after diligent search. After realizing that the transfer deeds are not traceable, the petitioner filed a police complaint with Senior Inspector of Police, Ghatlodia Police Station, Ahmedabad on 22-5-2000. Out of 650 certificates, new transfer deeds for 229 shares were obtained from the holders. However, new transfer deeds could not be obta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... intimated that the petitioner will be filing a petition before the CLB by making all the transferors as parties so that the Hon'ble CLB can decide the title of the petitioner and pass an order of rectification. The shares allotted to the transferors against 431 original shares have in 2 categories: The shares allotted to the transferor which are in physical form and demated. 4. He further submitted that the petitioner has acquired title to original 94 shares of Rs. 10 each of R1 registered in name of Respondent Nos. 4-7 much prior to the record date fixed for allotment of new shares under the scheme of demerger approved by the Bombay High Court. The petitioner being a bona fide buyer of the said share was entitled for allotment of 47 shares of R1 and 38 shares of R2 under the scheme of arrangement. The transferors who have sold their original shares for consideration have no right to receive the shares under demerger but they have received only for the reason that original shares were not transferred in the name of the petitioner. The transferors are holding the said shares in demat account as trustees/transferors of the petitioner and cannot have any title to the said shares. A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and 12 shares of R2 and same were transferred on 3rd Oct., 2006 to the name of Mr. J.V. Jadwani jointly with R4. Since 15 shares of R1 were in physical form in the name of Mr. J.V. Jadwani jointly with R4, the Company had allotted 5 bonus shares bearing certificate No. 305432 and forwarded to the holder. The holder applied for dematerialization of 15 shares of R1 and 12 shares of R2 and same were allowed dematerialization. However, 15 bonus shares allotted during 2006 were in physical form and therefore the Company had allotted 15 bonus shares during 2008 bearing Certificate No. 414512 and forwarded to the holder. In view of this Mr. J.V. Jadwani the first holder of 30 shares bearing Certificate Nos. 305432 and 414512 is a proper and necessary party. On the basis of the order passed by this Bench on 3-9-2009 R1 has no objection to implement the order which may be passed by this Bench in respect of the said 30 shares. As per the records of the R1 Company, Mr. Shantilal Gada died after allotment of shares under the scheme of de-merger and his wife Smt. Jayaben S. Gada had applied for deleting his name and then got the shares demated. She is holding shares of R1 in her demat account ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 15-4-2000 to the share department of R1 Company requesting them to advise and procedure thereof for transfer of 421 shares without affixing transfer deeds. The petitioner once again addressed letter dated 15-4-2005 to the R3 requesting them to transfer the shares in his name. The third Respondent vide its letter dated 11-5-2005 addressed to the petitioner stating that the old share certificates of R1 company are no more valid and the same have been cancelled in pursuance to the scheme of arrangement approved by the Bombay High Court and new share certificates have been issued to all the registered holders as on record date i.e., 27-5-2004, without surrendering the old share certificates. The Respondent No. 3 furnished the details of the registered holders and the new shares allotted to them. There was further correspondence between the third Respondents and Petitioner in respect of transfer of shares. The Petitioner filed suit as per the advice of the Respondent No. 3 before the City Civil Court, Ahmedabad. Though the petitioner approached this Bench in the year 2009 but there is a continuity of cause of action that he complained to the Police in the year 2000 and also to the Shar ..... X X X X Extracts X X X X X X X X Extracts X X X X
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