Rectification of share register refused where forfeiture and lack of settlement made discretionary relief under Companies Act unavailable.

Rectification of the register of members was sought under section 155 of the Companies Act, 1956, on the claim that the share allotment was void for non-compliance with section 73 and that the subscription amount should be restored. The company responded that the shares had later been forfeited for non-payment of calls and the petitioner's name no longer appeared in the register. The HC held that, in these circumstances, and noting that other similarly placed petitioners had settled with the company while this petitioner had not, there was no basis to invoke its discretionary jurisdiction under section 155. The request for rectification was rejected and relief was denied.

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Issues: Whether the register of members should be rectified under section 155 of the Companies Act, 1956 by deleting the petitioner's name in respect of the shares in question and restoring the subscription amount.

Analysis: The petitioner sought rectification on the ground that the allotment was void for non-compliance with section 73 of the Companies Act, 1956. The company stated that the shares had subsequently been forfeited for non-payment of calls and that the petitioner's name no longer appeared in the register. The court also noted that other similarly placed petitioners had settled with the company, while the present petition had not. In these circumstances, the court found no reason to exercise its discretionary jurisdiction under section 155.

Conclusion: The request for rectification was rejected, and the petitioner was denied relief.

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