2017 (5) TMI 1274

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....ciences and the 2nd Respondent is Mrs. Gita Prabhu. 2. Counsel for the Petitioner initiated his arguments. However, Counsel representing the Respondents drawn our attention to the fact that the Petitioner is no longer a shareholder in the 1st Respondent Company. The Counsel for the Respondents stated that vide Resolution dated 26-12-2013 passed in the meeting of the Board of Directors of 1st Respondent Company, it has been resolved to cancel the share certificates of Mr. Subramaniam Suresh bearing Share Certificate No. 09. The decision was taken by the 1st Respondent Company in exercise of its first and paramount lien on all shares of the Petitioner, pursuant to Regulation Clause (7)(2)(b) of the Articles of Association which provides th....

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.... 4. It is pertinent to mention that the Company Petition (CP 42/2013) came to be filed on l8-06-2013 before the CLB which stood transferred to NCLT and renumbered as TCP 119 of 2016. Counter to the Petition has been filed by the Respondents on 24.3.2014, the copy of which is stated to have been provided to the Counsel for the Petitioner wherein the Respondents very clearly mentioned under Para 41 of the said counter that the shares of the Petitioner have been cancelled in exercise of the powers conferred on the Board of Directors under Regulations 7(2)(b) of the Articles of Association of the company, because the amount which was due and payable by the Petitioner to the company have not been paid, due to which the company has exercised its....