1952 (9) TMI 28

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....t. ORDER This is an application filed under section 38 of the Companies Act on behalf of Laxminarayan Bhayya, a shareholder in the respondent company, The Praga Tools Corporation Ltd., holding 100 shares. The petitioner's prayer is for the rectification of the register of shareholders maintained by the respondent company. The facts alleged by the petitioner are that he purchased 100 shares o....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....hough he repeatedly asked the company to send the same. Finally the petitioner stated that all of a sudden on 18th December, 1951, he was informed by the respondent company that the transfer deed sent by him was a forged document and that therefore the transfer could not be effected by the respondent company and that the transfer which had been made previously had been cancelled. On these alleg....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e respondent company that the plaintiff was not entitled to the relief in this court. We heard the arguments of the respective counsel. The various processes through which the shares passed and the steps that were taken at the respondent company and at the Stock Exchange are matters which require a detailed and thorough investigation and we are of opinion that the proceedings before us being in....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....forthwith cancelled the transfer. These are matters which require proper evidence and enquiry and we think that it would not be proper to grant the prayer of the petitioner in these summary proceedings. Where the facts requiring consideration are complicated and not simple a separate action alone would be the proper remedy-In re Sussex Brick Co. If the petitioner has been wronged he may have his r....