TaxTMI 
TaxTMI 
2020 (11) TMI 632
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....OK KUMAR MISHRA, TECHNICAL MEMBER 1. The present appeal is preferred under Section 421 read with Section 58 and 241 of the Companies Act, 2013 against the impugned order dated 26.02.2020 passed by National Company law Tribunal, ('for short Tribunal') Bangalore Bench in CP No. 196/BB/2019. 2. The Appellant is aggrieved by the impugned order of the Tribunal as the Tribunal has directed to the Appellant No.1, Company to give effect to the transmission of shares of late Mr. Santanu Mondal, the deceased Director and Shareholder of Appellant No.1 Company in favour of Respondents by rectifying its register of members and also to pay all consequential benefits on par with other shareholders with effect from 01.05.2017. 3. The Tribunal has ....
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....ern of Appellant No.1 Company in USA. The Second Appellant on 20.12.2016 has purchased the shares of the respondents at an agreed consideration in respect of the shares of the sister concern i.e. Positiveedge Solution LLC. c. The Appellants are alleging that the respondents are putting pressure on the Appellants for transmission of 5000 equity shares erstwhile held by Mr. Mondal in the Appellant No.1 Company without complying with the Indian Laws Intestate Succession. The Appellants have also stated that as per the laws of Intestate Succession Application in the State of California, USA the surviving spouse and surviving issue exclude all other possible heir to the state of the deceased by as per Indian Law for Intestate Succession....
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....t time which were not raised before the NCLT and thereby the Appellants protracting these proceedings. Accordingly, they have submitted the documents filed by the Appellant before NCLT. b. The Respondent No.1 and 2 are wife and daughter of late Mr. Santanu Mondal who was holder of 50% shares of Appellant No.1 Company until his untimely demise on 18.04.2015. c. The Appellants have already got the shares purchased of Respondents transferred in the US Company based at California without any problem and accepting the fact that the Respondents were the legal heir of late Mr. Mondal and therefore, entitle to deal with his assets. After repeated request to the Appellant company and the Appellant Director since 20.01.2017, the sha....
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....r this act or under any other law for the time being enforce. 5. We have carefully gone through the various submissions made by the parties and are observing as follows: a. It is very much clear that both the Appellants and the Respondents are known to each other for a long time and knows each other families also. It is not in dispute that the Appellant No.2 has purchased the share of California, US based Company on the same identity from the Respondents. It is also not in dispute that in the objections filed by the Appellant before the Tribunal, they have not raised the issue of mother as an inheritor. The Appellants (Respondent at Tribunal) have raised only the issue of production of probate and appropriate legal heir Certific....