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2015 (6) TMI 108 - KARNATAKA HIGH COURT

2015 (6) TMI 108 - KARNATAKA HIGH COURT - TMI - Transfer of shares - Section 399 of the Companies Act, 1956 and Regulation 44 of the Company Law Board Regulations, 1991 - Held that:- The contention of the appellants is that as on the date of filing of Company Petition before the Company Law Board the respondents were not shares holders, therefore, the petition is not maintainable. When the dispute is with regard to legally or illegally transfer of shares from the name of the respondents to the n .....

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he appellant. - CO. APPEAL NO. 4 OF 2014 - Dated:- 5-3-2015 - K L. MANJUNATH AND P.B. BAJANTHRI, JJ. For The Appellant : Smt. Nalina Mayegowda, Adv. For The Respondent : Smt.S.R. Anuradha, Adv. JUDGMENT The appellant - Company is questioning the legality. and correctness of the order passed by the Company Law Board, Chennai in Company Application No. 1/2013 passed in Company Petition No.102/2012. The respondents have filed the Company Petition under Section 399 of the Companies Act, 1956 and Reg .....

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2013 filed by the appellants requesting the Company Law Board to dismiss the Company Petition, came to be rejected. Challenging the legality and correctness of the same the appellants have filed this writ appeal. 3. Heard the learned counsel for parties. 4. The undisputed facts in this appeal are that the appellants - M.K. Dattaraj, M.D. Venkatalakshmi, M.D. Kasturiranga, M.D.Karthik along with respondents - are shareholders of M/s Krishna Flour Mills (Bangalore) Private Limited. The only disput .....

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is not maintainable, since they do not hold required number of shares in order to fret their dispute adjudicated under Section 399 of the Companies Act. The petition filed by the appellants to dismiss the Company Application has been opposed by the respondents, contending that they have not transferred their share and they continue to be the shareholders of the appellant No.1 - Company. In this background, the Company Law Board held that without giving an opportunity to the petitioners to prove .....

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ned counsel for respondents submit that the Company Petition has been filed requesting the Company Law Board to declare that the alleged transfer of their shares in favour of the appellants, as null and void. Therefore, she contends that behind their back if the appellants herein have got transferred their share by playing fraud, the respondents could always maintain the petition and it is for them to show before the Company Law Board how their shares have been transferred by playing mischief. T .....

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