Case: D.R. Sharma Vs Reliance Industries Ltd. and Ors.. Company Law Board
| Judges | Kanthi Narahari, Judicial Member |
| Issue | Company Law |
| Judgement Date | April 29, 2010 |
| Court | Company Law Board |
Order:
Kanthi Narahari, Judicial Member
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The present petition is filed by the petitioner by invoking Section 111A(2) of the Companies Act, 1956, praying this Bench to direct respondent No. 1 to transfer 32 equity shares of Rs. 10 each in the name of the petitioner and rectify the register of members accordingly. Shri Arun Kumar Jain, company secretary, appearing for the petitioner submitted that the petitioner had purchased 32 equity shares of Rs. 10 of the erstwhile company, i.e., M/s. Reliance Industries Ltd., being distinctive Nos. 144867474-7489, 258629056-9071 covered by Share Certificates Nos. 2014912 and 20149123 (New) (Old No. 020097481 and 12863683) having Regd., Folio Nos. 030955722, 60019924, respectively, from respondents Nos. 2 and 3 for a lawful consideration from the stock market through a recognised broker. The petitioner lodged the shares with the erstwhile company along with the share certificates and transfer deeds duly executed by the transferors, i.e., respondents Nos. 2 and 3 herein and the petitioner being the transferee which were duly received and acknowledged by the registrar of respondent No. 1 vide their document No. 4638395 dated November 25, 1997. The petitioner approached the registrar of respondent No. 1 M/s. Karvy Computer for return of the above said 32 shares after transfer in the name of the petitioner. After a long battle the registrar of respondent No. 1 vide their letter dated January 31, 2007, informed that the shares have already been returned under objection "signature mismatch" along with the transfer deeds. But, the original share certificates along with transfer deeds were never received back by the petitioner. The registrar of respondent No. 1 by their letter advised to contact the sellers at the addresses given in the said letter. The petitioner accordingly wrote lot of letters for fresh transfer deeds to respondents Nos. 2 and 3 but did not receive any response from them. It is, therefore, abundantly clear that the petitioner is the bona fide purchaser of the said shares from respondents Nos. 2 and 3 through stock market mechanism for valuable consideration. The petition is filed by the bona fide purchaser in the interest of justice as the petitioner is the rightful owner of the shares.
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The petitioner therefore prayed for the following reliefs:
(a) Respondent No. 1 be directed that the transfer of aforesaid 32 equity shares of Rs. 10 each be registered in the name of the petitioner...
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