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The Supreme Court held that the National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCLAT) failed to properly examine the material, evidence, and facts to determine if there was a valid transfer of shares or fraud committed u/ss 447 and 448 of the Companies Act, 2013. The exercise of power u/s 59 for rectification of the Register of Members requires thorough verification of assertions, evidence, and underlying facts, which was not done. The courts glossed over or ignored crucial documentary evidence and failed to conduct a detailed inquiry as mandated by law. The judgments of NCLT and NCLAT were set aside, and the appeal was allowed for a fresh examination of the matter.
The Supreme Court held that the National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCLAT) failed to properly examine the material, evidence, and facts to determine if there was a valid transfer of shares or fraud committed u/ss 447 and 448 of the Companies Act, 2013. The exercise of power u/s 59 for rectification of the Register of Members requires thorough verification of assertions, evidence, and underlying facts, which was not done. The courts glossed over or ignored crucial documentary evidence and failed to conduct a detailed inquiry as mandated by law. The judgments of NCLT and NCLAT were set aside, and the appeal was allowed for a fresh examination of the matter.
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