Limitation for share-allotment challenges applies under Article 113 when the right to sue accrues, making delayed petitions time-barred.

A challenge to a 2009 share allotment was treated as time-barred because it was filed nearly nine years later and the related filings were matters of public record. The Tribunal applied the Limitation Act to proceedings under the Companies Act, 2013, and held that such petitions are governed by Article 113, with limitation running from accrual of the right to sue. A plea of continuing wrong was rejected because the pleadings showed awareness soon after the 2009 resolution and the petitioner did not explain when knowledge was acquired. The share-allotment challenge was therefore barred by limitation and laches, and the section 244 waiver request became infructuous.

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Issues: Whether the petition challenging the 2009 allotment of shares was barred by limitation and laches, and whether the request for waiver under section 244 survived.

Analysis: The challenge was brought nearly nine years after the allotment and the related corporate filings were treated as matters of public record. The Tribunal applied the Limitation Act to proceedings under the Companies Act, 2013, and held that petitions of this nature are governed by the period prescribed for a suit-like cause of action under Article 113, with limitation running from the date when the right to sue accrues. The contention of a continuing wrong was not accepted on the facts, as the petitioner failed to explain when knowledge of the allotment was acquired and the pleadings indicated awareness soon after the 2009 resolution. In these circumstances, the petition was held to be hopelessly time-barred. Once the main petition failed, the application seeking waiver of eligibility conditions under section 244 was rendered infructuous.

Conclusion: The petition challenging the share allotment was barred by limitation and delay, and the waiver application did not survive.

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