2019 (1) TMI 1713

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....RDER C.P. 2440/241-242/MB/2018 Heard both sides. The counsel appearing for the Petitioner had produced the original Share Certificates covering about 60 % of the entire stakes of the company. But, he claims that the Petitioners are 100% Shareholders of the Company and were removed as Directors way back in 2012. On the contrary, the counsel appearing for the Respondents emphatically denies th....

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....their grievances, but the fact is that they are in possession of the share Certificates, in original. Under no stretch of imagination can we say that the Petitioners have acquiesced their rights as shareholders of the Company, no matter whether their name is reflected in the Register of Members or not. It is a settled law that the shares are goods and when the shares certificates are physically te....

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....nly after 2016, the Registrar of Companies was informed of the irregularities committed by the respondents. No matter whether the law of limitation applies or not, the fact remains that the petitioners, not minding their earlier lapses, have come forward to enforce their rights as shareholders of the company within the time acceptable under law. In view of the prima facie case established in fa....