C.P. No. 70/284/2012. Case: Kotak Mahindra Bank Ltd. Vs Sureshchandra V. Parekh and Others. Company Law Board

Case NumberC.P. No. 70/284/2012
JudgesVimla Yadav Member
IssueCode of Criminal Procedure, 1973 - Section 195; Companies Act, 1956 - Sections 10F, 165, 166, 167, 168, 169, 170, 171, 172, 173, 174, 175, 176, 177, 178, 179, 180, 181, 182, 183, 184, 185, 186, 187, 188, 189, 190, 191, 192, 193, 194, 195, 196, 197, 169, 170, 171, 172, 173, 188, 188(1), 188(2), 188(2) (a), 188(2)(a), 188(5), 190, 284; ...
Judgement DateJune 15, 2012
CourtCompany Law Board


Vimla Yadav Member, (Mumbai Bench)

1. In this order I am considering C. P. No. 70/284/2012. Counsel for the petitioner pointed out that the respondents hold 249 equity shares of Rs. 5 each representing 0.000033 per cent. of the total issued and paid-up share capital of the petitioner-company. On January 6, the share registry and transfer agency of the petitioner-company, viz., Karvy Computershare P. Ltd. ("Karvy") received 6 share transfer forms from respondents Nos. 1 and 2, for the registration of the transfer of some of the shares of the respondents in the petitioner-company. The said transfer documents were then scrutinised by Karvy for the purpose of registration. However, as the signatures of either the first or the joint holder on the said transfer forms were not favourably matching with the specimen signatures available with Karvy, the said transfer forms were rejected and duly returned to the respondents from time to time by Karvy citing the reasons for the said rejection. On March 8, 2011, aggrieved by the aforesaid action of Karvy, respondents Nos. 1 and 3 addressed a letter to the Karvy raising frivolous and incomprehensible objections against the rejection of the transfer of shares. On March 21, 2011, Karvy clarified to respondent No. 1 that in the event the signatures of the transferors as affixed on the transfer documents do not match with the specimen signatures of the transferors available with Karvy, the said transfer documents are liable to be rejected. Karvy further requested the respondents to relodge the transfer documents and to provide certain other self-attested documents, including address proof, PAN Card, etc. On March 21, 2011 and in March 14, 2011, respondents Nos. 1 and 2 repeated their alleged grievance in respect of the rejection of their transfer. The petitioner-company further, once again communicated its willingness to either send a representative at the residence of respondents Nos. 1 and 2 or to have respondents Nos. 1 and 2 visit the nearest branch office of the petitioner-company for the purpose of resolving their purported grievances. On October 24, 2011, Karvy vide its letter, requested respondent No. 1 to relodge the transfer forms along with the necessary documents to ensure that the transfer could be sanctioned and registered. Further, yet again, Karvy offered assistance to the respondents to ensure that the propound grievances of the respondents were put to rest immediately. Despite the willingness on the part of both, the petitioner-company as well as Karvy, to resolve the matter, the respondents did nothing in furtherance to the aforesaid suggestions made by the petitioner company and Karvy and refused to co-operate with them. Despite several attempts by the representatives of the petitioner-company of Mumbai and Ahmedabad to redress the purported grievances of the respondents, the respondents refused to either entertain the representatives of the petitioner-company and/or refused to co-operate with them by providing the requisite information/documents in the matter.

2. Counsel for the petitioner-company further confirmed that the dividends for the financial year 2010-11, in respect of the shares held by the respondents in their demat accounts had been duly credited to their respective bank accounts linked to the said demat accounts on July 22, 2011. It was pointed out that the dividend warrants in respect of the shares held by the respondents in the...

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