TMI Blog2016 (11) TMI 80X X X X Extracts X X X X X X X X Extracts X X X X ..... of the record. The correction made in the exercise of the review jurisdiction was, therefore, justified and will not call for any interference. - SPECIAL LEAVE PETITION (CIVIL) NO. 30483 OF 2015, SPECIAL LEAVE PETITION (CIVIL) NO. 30589 OF 2015 - - - Dated:- 27-9-2016 - RANJAN GOGOI AND PRAFULLA C. PANT, JJ. For The Petitioner : Mr. P. K. Manohar,Adv. For The Respondent : Mr. Himinder Lal,Adv., Mr. M. P. Vinod,Adv., Mr. Himinder Lal,Adv., Mr. P. S. Sudheer,Adv., Ms. Usha Nandini. V,Adv. JUDGMENT RANJAN GOGOI, J. 1. In view of the elaborate hearing that has taken place we are of the view that our eventual decision to dismiss both the special leave petitions should be supported by the brief reasons therefor. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s as per the Resolution dated 17.04.2002. The Company Law Board (for short the CLB ) by its judgment and order dated 5.2.2013 in Company Petition No. 30/2003[CHE] while granting the other reliefs sought, disposed of the said company petition filed by the Aleyas Group upholding the validity of transfer of 2,20,000 shares from Bobby Kuriakose to T.O. Abraham. Aggrieved, the Aleyas Group moved the High Court of Kerala by way of an appeal under Section 10F of the Companies Act, 1956. The High Court, notwithstanding the fact that the challenge before it pertained only to the transfer of 2,20,000 shares, (all other directions of the CLB were in favour of the Aleyas Group) set aside the entire of the Resolution dated 17.04.2002, the effect of wh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ngst the five branches, appears to be a figment of imagination of the petitioners and hence the transfer of 2,20,000 shares from Bobby Kuriakose to T.O. Abraham, could not be declared null and void, is the finding of the CLB. 41. We cannot, but say that, the said finding has been entered on mere surmises and conjectures and the Tribunal has not looked into the evidence of such transfer, as per the provisions of the Companies Act or otherwise. No presumption could have been raised under Section 195, since the minutes book was absent. Neither of the parties substantiated their conflicting contentions of parity and transfer to the Managing Director with any other evidence. Even after the remand, specifically directing the Tribunal to con ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bby Kuriakose. The decisions taken are not properly taken at the Board Meeting as per the provisions of the Companies Act. The decision in toto on 17.4.2002 would have to go. In such circumstance we restore the parties to the position that existed on 19.10.2001 with T.O. Abraham and T.O. Aleyas holding 3 lakh shares each and Binu Zacharia and Bobby Kuriakose holding 5 and 4 lakh shares respectively. 5. In the aforesaid circumstances, the Aleyas Group filed Review Petition No. 434 of 2015 before the High Court seeking review of the order dated 31.03.2015. By the impugned order dated 09.10.2015 passed in the Review Petition (subject matter of challenge in SLP(C) No. 30589 of 2015) the order dated 31.03.2015 was reviewed and interferen ..... X X X X Extracts X X X X X X X X Extracts X X X X
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