TMI Blog2017 (6) TMI 355X X X X Extracts X X X X X X X X Extracts X X X X ..... the above discussions, there shall be direction to the respondent company for transmission of first batch of 36 shares in the name of the petitioners 1 and 3 and second batch of 36 shares in the name of petitioners 3 and 4. In the result, this petition is allowed with following directions: - (a) The respondent company shall transmit 25 equity shares which originally stand in the name of deceased Mukundbhai Saheba and second petitioner in the name of petitioner 1 and 3. (b) The respondent company before transmitting the 11 equity shares (58032153 to 58032163) which are originally in the name deceased Mukundbhai Saheba and 2nd petitioner shall give notice to Jitendra Sankalchand Gandhi and in case if no reply is received and if no objection is raised by Jitendra Sankalchand Gandhi within one month, transmission of those 11 shares also in the name of petitioners 1 and 3 can be effected. In case, Jitendra Sankalchand Gandhi raises any objection, the company shall inform him that he can resolve the dispute regarding the above said eleven equity shares of the respondent company in Civil Court, if it is within time. - TP NO. 192/59/NCLT/AHM/2016 (NEW), AND CO. APPEAL NO. 29/59/C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t. Indiraben Saheba (2nd petitioner) were holding 36 equity shares in two lots, one lot of 25 equity shares and another lot of 11 shares having separate distinctive numbers of the respondent company. Further, bonus shares were issued by the respondent company and thereby another lots of 25 equity shares and 11 equity shares came to be issued. On the request of the original owners of the equity shares, bonus shares were issued in the name of petitioners 3 and 4, i.e., son and daughter in law of original owners. 5. In the year 1996, one unscrupulous broker Aniket Anantrai Shah residing in Ahmedabad had induced late Mr. Mukundbhai Saheba to sell equity shares of the respondent company for valuable consideration. Said Aniket Anantrai Shah tried to convince late Mukundbhai Saheba and petitioners 2 to 4 to sign and execute the transfer forms after illegally obtaining share certificates of the respondent company from the deceased Mukundbhai Saheba and petitioners 2 to 4 but deceased Mukundbhai Saheba and petitioners 2 to 4 did not agree to execute the transfer form. Then said Aniket Anantrai Shah forged signatures of late Mukundbhai Saheba and petitioners 2 to 4 without any considerati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . Petitioners 1 and 3 submitted application dated 12.05.2012 to the registered office of the respondent company for necessary transmission of total 72 equity shares but the respondent company did not respond. There is no justification on the part of the respondent company in not registering names of the petitioners as members in the register of members. Petitioners have prayed in the petition to transmit 36 equity shares of the respondent company in the depository account of petitioners 1 and 3 and further to restore name of petitioners 3 and 4 on the register of members for another lot of 36 equity shares of the respondent company. 9. During pendency of petition, 2nd petitioner died and amendments were carried out as per order dated 16.12.2014 and the petitioners were permitted to delete the name of petitioner No. 2. 10. Points for consideration is whether the respondent company can be directed to enter names of the petitioners in the register of members of the respondent company in respect of 72 equity shares. 11. Originally, late Mukundbhai Saheba and Smt Indiraben Saheba (petitioner No. 2) were holding 36 equity shares in two lots i.e. 25 and 11 equity shares with sepa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... said to have been signed by deceased Mukundbhai Saheba and second petitioner, the respondent company itself refused to transfer shares in the name of Jitendra Sankalchand Gandhi on the ground that the signatures of transferees i.e. Mukundbhai Saheba and Indiraben Saheba (2nd petitioner) are different/not tallying with the specimen signatures recorded with the company. As can be seen from the letter dated 21.3.2005 addressed to Jitendra Sankalchand Gandhi the company has clearly asked Jitendra Sankalchand Gandhi to approach Mukundbhai Saheba or join party in civil suit 3567 of 1996 in the Civil Court of Ahmedabad. From the last correspondence made by the respondent company dated 11.06.2012 it appears that no steps have been taken by Jitendra Sankalchand Gandhi in response to the company's letter dated 21.03.2005. 17. It appears that, even in succession certificate proceeding initiated by the petitioners 1 and 3, no objection has been raised by Jitendra Sankalchand Gandhi. Petitioners 1 and 3 obtained succession certificate in respect of the equity shares of the respondent company held by deceased Mukundbhai Saheba and petitioner No. 2 to the extent of 36 shares and petitione ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f petitioners 1 and 3. In case Jitendra Sankalchand Gandhi raises any objection in respect of transmission of aforesaid 11 shares in the name of petitioners 1 and 3 within a period of one month, then those shares cannot be transmitted in favour of petitioners 1 and 3. In such case, the company shall ask Jitendra Sankalchand Gandhi to resolve their dispute in Civil Court, if advised to and if it is within time. 22. In the result, this petition is allowed with following directions: - (a) The respondent company shall transmit 25 equity shares which originally stand in the name of deceased Mukundbhai Saheba and second petitioner in the name of petitioner 1 and 3. (b) The respondent company before transmitting the 11 equity shares (58032153 to 58032163) which are originally in the name deceased Mukundbhai Saheba and 2nd petitioner shall give notice to Jitendra Sankalchand Gandhi and in case if no reply is received and if no objection is raised by Jitendra Sankalchand Gandhi within one month, transmission of those 11 shares also in the name of petitioners 1 and 3 can be effected. In case, Jitendra Sankalchand Gandhi raises any objection, the company shall inform him that he can ..... X X X X Extracts X X X X X X X X Extracts X X X X
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