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Oppression and mismanagement case - Transfer of 2500 shares by deceased challenged by appellant claiming legal heirs entitled to shares or fair price. Held: Appellant's contention rejected as initial transfer challenged only by Respondent No.4 on ground of share entitlement, deceased never alleged any right on shares after receiving consideration and executing letter dated 23.06.2015. Despite Supreme Court decision in 2018, deceased took no action for share transfer till 2021 death. Appellants/legal heirs acted six months after death, misinterpreting order in TP No.106/2016. Share transfer by deceased never an issue before Company Law Board or NCLT, deceased never challenged it. Appellants lack locus standi to file petition u/ss 241-242 as non-members/shareholders. Appeal dismissed.
Oppression and mismanagement case - Transfer of 2500 shares by deceased challenged by appellant claiming legal heirs entitled to shares or fair price. Held: Appellant's contention rejected as initial transfer challenged only by Respondent No.4 on ground of share entitlement, deceased never alleged any right on shares after receiving consideration and executing letter dated 23.06.2015. Despite Supreme Court decision in 2018, deceased took no action for share transfer till 2021 death. Appellants/legal heirs acted six months after death, misinterpreting order in TP No.106/2016. Share transfer by deceased never an issue before Company Law Board or NCLT, deceased never challenged it. Appellants lack locus standi to file petition u/ss 241-242 as non-members/shareholders. Appeal dismissed.
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