TMI Blog2011 (9) TMI 844X X X X Extracts X X X X X X X X Extracts X X X X ..... formed the petitioner on 5th January, 1996 (Annexure 5) that R-1-company has received the share transfer deed duly executed by R-3 in favour of R-4 of share certificate No.1216215 of 100 shares bearing distinctive No.130558868-967 and further stated that R-1 would transfer the same in favour of R-4 in case the petitioner fails to produce the stay order from court of law from transferring the same. The suit filed by the petitioner was dismissed on merits. It is the petitioner who moved civil suit before the civil court seeking reliefs on the self-same cause of action wherein it did not withdraw the suit stating that CLB has jurisdiction over the matter. It was not even taken as an issue in the judgment passed by the civil court. Since th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2. The case of the petitioner is that the petitioner-company lost the above share certificates in transit on 12th November, 1995. Since the petitioner lost the share certificates, it wrote a letter dated 14th November, 1995 (Annexure 4) to R-1-company along with a photocopy of first information report ('FIR') lodged by the petitioner in the nearby police station requesting R-1-company not to transfer the said shares to any one in case anybody approaches for the transfer of the same. Responding to the same, R-1-company informed the petitioner on 5th January, 1996 (Annexure 5) that R-1-company has received the share transfer deed duly executed by R-3 in favour of R-4 of share certificate No.1216215 of 100 shares bearing distinctive No.130558 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... res comprising share certificate Nos.1216215 and 1216216 were standing in the name of R-3 Ms. Alka Goyel. R-1 for the first time came to know about the loss of share certificates in respect of above 200 shares on receipt of letter dated 14th November, 1995 from the petitioner, along with a photocopy of a bill dated nil of J S Sahny. Co. (R-2), but whereas the petitioner did not supply any FIR copy or court order to R-1-company preventing transfer of the disputed shares. Since there is no stay over the transfer of shares, R-1-company transferred the shares in favour of R-5 and R-6. Thereafter, on 9th April, 1996, R-1-company received summons in Civil Suit No.299 of 1996 filed by the petitioner in the Court of Senior Civil Judge, Delhi (A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... representative appearing on behalf of the petitioner made his submissions reiterating the pleadings of the petition. Apart from that, he also argued that CLB alone is competent to rectify the share register as enunciated under section 111A of the Act, thereby whatever proceedings initiated before a civil court are void ab initio in the eye of law. To which he relied upon a judgment given by the hon'ble Supreme Court in Ammonia Supplies Corporation (P.) Ltd. v. Modern Plastic Containers (P.) Ltd. AIR 1998 SC 3153 to state that CLB has exclusive jurisdiction to deal with the rectification of register of shares, as such, he argued that the petitioner is entitled for the reliefs above asked despite civil court dismissed the suit moved by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... etitioner is not applicable in the present case because in that impugned judgment High Court directed the parties to approach civil court for having found facts to be tried by the civil court, whereas hon'ble Supreme Court in the citation supra reversed the impugned judgment holding that the company court can decide the issue for the dispute could be adjudicated on seeing the documents placed by the parties. But it is nowhere held civil court is lack of jurisdiction to try the case wherein share transfer is disputed. Indeed hon'ble Supreme Court held that civil court has also the jurisdiction to try the case disputing over share transfer if the facts in the said dispute satisfy the Bench that the case is not falling strictly under section ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
