2012 (9) TMI 641

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....ngra for the Respondent. ORDER 1. This order governs CA No. 747 of 2010 and CA No. 748 of 2010. 2. Company Application No. 748 of 2010 is for impleadment of Star Light Credit (India) Ltd. (hereinafter referred to as Star Light) as a respondent on the ground that 42,57,600 equity shares held by P-13, i.e., International Commenter Limited (hereinafter referred to as ICL) have been unlawfull....

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.... held as collateral security with Tourism Finance Corporation of India (TFCI) and prima facie it appears that physical transfer of shares as contemplated by section 108 of the Companies Act, 1956, has not taken place. (c)  Unlawful transfer of the shareholding [of applicants?] in R-13 and R-l4 in R-l to Star Light amounts to diluton of their shareholding in R-l company. Company Petition No....

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....eld by R-13 are prima facie held as collateral security with [TFCI and it is sought to be averred that physical transfer of 42,57,500 shares has not taken place in favour of Star Light a serious question of law would arise whether the said transfer is bad in law being in violation of section 108 of the Companies Act. (e)  It cannot be said that the petitioners have filed Company Applicatio....

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....n 4.11.2010 at the AGM of R-l. Even the respondents had, before this date neither filed any document nor averred in the response the factum of transfer of shares held by P-13 and P-14 in R-l. If on the date of filing of the petition P-13 and P-14 had knowledge about the transfer of 42,57,500 equity shares held by P-13 to Star Light and 44,800 equity shares held by P-14 in R-l to R-2 there is no re....