TMI Blog2022 (5) TMI 585X X X X Extracts X X X X X X X X Extracts X X X X ..... est or any other document signed by the appellant for purchase of shares of a Private Limited Company which are not freely transferable. Further, they could also produce that the shares, minutes and other share certificate showing the compliance to the provisions of law as regard to issue and allotment of shares - the respondent No. 1 Company is directed to delete the name of the appellant from the Register of Members within two weeks from the date of this order and file requisite documents with RoC also, who shall take on record such documents in terms of the relevant provisions of law. Appeal disposed off. - Company Appeal No. 14/ALD/2021 - - - Dated:- 27-4-2022 - Rajasekhar V. K. , Member ( J ) And Virendra Kumar Gupta , Member ( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Rs. 20,000/- and Rs. 5 lakh on 20.07.2018 06.09.2018. When the appellant demanded the repayment of this loan from the respondent No. 1 company, the loan was not repaid. However, from independent due diligence it came to the knowledge of the appellant that he was shown as a shareholder of the company and to him 25,000 shares had been allotted at face value Rs. 10/- each. It is further alleged that the appellant never signed any document to become a shareholder of the company by purchasing these number of shares. It is further claimed that no notice or any meeting or any report has ever been received by the appellant. It has been alleged that this mechanism has been adopted by the Directors of the Company to avoid liability to repay the lo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... two weeks from the date of this order and file requisite documents with RoC also, who shall take on record such documents in terms of the relevant provisions of law. As regard to the other grounds regarding the direction to the Company to repay loan, these cannot be granted in this petition, as for that appropriate remedies available under law need to be invoked as required. 7. This appeal shall, therefore, stand allowed and disposed of in terms of indicated above. 8. The Registry is directed to send e-mail copies of the order forthwith to all the parties inclusive of the Counsel. 9. Urgent certified copy of this order, if applied for be issued upon compliance with all requisite formalities. - - TaxTMI - TMITax - Corporate Law ..... X X X X Extracts X X X X X X X X Extracts X X X X
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