CP No. 10/113/2011. Case: Dipika M. Shah and Another Vs Jaiprakash Associates Ltd. and Others, [Alongwith CP Nos. 11 and 12/113/2011]. Company Law Board
| Case Number | CP No. 10/113/2011 |
| Counsel | For Appellant: Kamal Agrawal and For Respondents: Nesar Ahmad, Sumit Babbar, M. Mahani and Deepak Kukreja |
| Judges | Vimla Yadav, Member |
| Issue | Company Law |
| Judgement Date | May 23, 2012 |
| Court | Company Law Board |
Order:
Vimla Yadav, Member
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In this order I am considering Company Petitions Numbered, as CP No. 10/113/2011 CP No. 11/113/2011 and CP No. 12/113/2011 in this common order on account of the facts and legal submissions being the same in these CPs. in Company Petition No. 10 under section 113 read with section 111A of the Companies Act, 1956 ('the Act') filed by Shri Mitesh R Shah and Mrs. Dipika M Shah against Jaiprakash Associates Ltd., and others the petitioners have prayed for an order directing the respondent to deliver to the petitioners certificate of 7,000 bonus shares allotted in his name for the record date 19th December, 2009 and further direction to respondent No. 1 to release 14,000 shares allotted in the name of the petitioners for record date 26th December, 2007 on split of denomination from Rs. 10 to Rs. 21 each. Shri Kamal Agrawal, chartered accountant, appearing on behalf of the petitioners contended that the petitioners were the registered shareholders of 2,800 shares of erstwhile Jaiprakash Industries Ltd. ('JIL'). He further contended that JIL thereafter filed a scheme of arrangement before the Hon'ble Allahabad High Court and the Hon'ble High Court had approved the scheme of arrangement and thereby the respondent No. 1 came into existence. JIL fixed the record date 30th March, 2004 for allotment of 1 equity share of Rs. 10 each of R-1 against 1 share of JIL. Since the petitioners were the registered shareholders of 2,800 shares of JIL, JIL had allotted 2,800 shares of R-1 in the name of the petitioners. However, R-1 has not delivered the certificates of shares.
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The authorised representative of the petitioners contended that when the petitioners did not receive delivery of certificates of 2,800 shares of R-1 they made enquiry with the share department of R-1 to find out the reason for non-delivery of shares thereafter the officer of R-1 informed the petitioners that there is some dispute. It was contended that R-1 by their letter dated 31st March, 2005 informed the petitioners that 2,800 shares of JIL were lodged for transfer by R-2 and one Mr. Dilip J. Joshi had filed a suit before the Hon'ble Bombay High Court and confirmed that they will release 2,800 shares of R-1 on petitioner's submitting dismissal order from court in Suit No. 305/1996, NOC from the lodger or alternatively a court order from a competent court establishing his title. He further contended that the suit filed by Mr. Dilip J. Joshi was dismissed by the Hon'ble Bombay High Court vide order dated 5th May, 1997 copy of which was submitted to the R-1.
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Further, it was contended that for the record date 26th December, 2007 the R-1 split the denomination of shares from Rs. 10 each to Rs. 2 each and accordingly. 14,000 shares were allotted in the name of the petitioner but again the shares were not delivered. He further contended that R-1 has decided to allot bonus shares in the ratio of 1: 1 for record date 19th December, 2009 and allotted 7,000 bonus shares of Rs. 2 each but again failed to deliver certificate of said shares to the...
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