2008 (1) TMI 947

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....retary of M/s. Uniplas India Limited (company). This is the description given by the complainant in the complaint before the learned MM. The allegation in the complaint is that certain shares of the company were sought to be transferred in the name of the complainant Bank for which purpose the share certificates along with the duly executed transfer deeds were sent to the company. The specific averments in the complaint in this regard as contained in paras 12 to 15 read as under: 12. That in the month of March 1996, the accused No. 1 transferred the share certificates and accordingly the delivery of 3507248 shares of the accused No. 1 after having duly transferred in favor of the complainant Bank was given to the complainant but the said ....

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....been summoned is under Section 113 of the Act and that provision does not contemplate a situation of failure by the company to deliver the share certificates in marketable lots. In other words, he submits that the only requirement is that after transferring of the shares, the share certificates should be duly returned to the transferee. According to him, Section 113 does not make it a punishable offence if after the company s shares are transferred, the share certificates are not delivered in the marketable lots. 5. On the other hand, learned Counsel for the Respondent refers to its written note of arguments in which it is submitted as under: In the present case, the point of issuance of share certificates is not involved as the company ....