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        Case ID :
        Companies Law

        The HC held that the appeal filed by appellant No.1 CRBCML,...

        High Court Dismisses CRBCML Appeal; De Facto Rights Protected Under Companies Act 1956, Sections 483, 521, 531-A.

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                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.
                                The HC held that the appeal filed by appellant No.1 CRBCML, through appellant No.2 Mr. C.R. Bhansali, is not maintainable in law u/s 483 read with Sections 521 & 531-A of the Companies Act, 1956. The objections raised by them to the clarification applications preferred by the applicants/transferees in the winding-up petition cannot be entertained. Since the sale of shares took place prior to 09.04.1997, although the company remained its de jure owner, the de facto legal right or title passed on to the applicants in the ordinary course of business and was saved by Section 562(2) of the Act. The appeal is dismissed.
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