https://www.taxtmi.com/caselaws?id=106509 A company petition under section 111 of the Companies Act could not continue after the original petitioner had transferred its interest in the bonds and the assignee failed to seek transposition or substitution. The Court treated the claim as, at best, a mere right to sue for registration on the basis of letters of allotment, which is not transferable. It also held that protective provisions relating to transfer of shares or debentures could not be used to support a claim founded only on letters of allotment. With the original petitioner having no subsisting interest and the assignee remaining absent from the proceedings, continuation of the lis was held to be futile and the dispute was brought to an end. en-us Thu, 10 Oct 2002 00:00:00 +0530 Wed, 14 Mar 2012 15:24:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=106509 A company petition under section 111 of the Companies Act could not continue after the original petitioner had transferred its interest in the bonds and the assignee failed to seek transposition or substitution. The Court treated the claim as, at best, a mere right to sue for registration on the basis of letters of allotment, which is not transferable. It also held that protective provisions relating to transfer of shares or debentures could not be used to support a claim founded only on letters of allotment. With the original petitioner having no subsisting interest and the assignee remaining absent from the proceedings, continuation of the lis was held to be futile and the dispute was brought to an end. Case-Laws Companies Law Thu, 10 Oct 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=106509