TaxTMI 
TaxTMI 
2020 (12) TMI 1178
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.... NCLT Rules, 2016 by interalia seeking to direct the Respondent Company to accept the request for transmission of shares made by the Applicants and to give effect to the transmission of 12,000 equity shares that are held in the name of Late Mrs. J.P Parvathamma as 6000 equity shares each to the Applicants, consequently direct the Respondent Company to make necessary changes in the Register of Members (MGT- 1) of the Respondent Company. 2. Brief facts of the case, as mentioned in the Company Application, which are relevant to the issue in question, are as follows: 1) 'Sri Lakshmi Narashima Builders and Developers Private Limited' ( herein after referred to as Company) was incorporated on 11th June 1991 with th....
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.... of the deceased, upon receipt and verification of the request for transmission and documents annexed thereto. Therefore, the Applicants made a request for transmission of above shares to them in the form of letter dated 4th July 2020 along with necessary documents , which was sent by way of registered post on 8th July 2020. However, the said letter along with documents was not delivered and the same was returned to the Applicants on 9th July 2020 with remark that there was no such office. Further, on failure of the physical delivery of the documents for transmission of shares, the Applicants also sent an email making request for the same on 29.07.2020. However, the Applicants did not receive any response from the Company and the request wa....
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.... stated supra, has further argued that the Petitioners are un-dispersedly natural legal heirs of shareholder, Late Mrs. Parvathamma and have submitted all the requisite documents as per law to the Company for transmission of shares in question. However, for the reasons best know to them, they are putting deaf ear on the issue till date. And the Law mandate the Respondent to take action within stipulated period. Therefore, he has urged the Tribunal to allow the Application as prayed. 5. Shri G.Akshay, while accepting notice for the Respondent, has opposed the Application and submitted the Applicants have not submitted requisite documents to take necessary action. They have also not submitted a copy of Will of deceased share ho....
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....the case may be, was delivered to the company. (4) If a public company without sufficient cause refuses to register the transfer of securities within a period of thirty days from the date on which the instrument of transfer or the intimation of transmission, as the case may be, is delivered to the company, the transferee may, within a period of sixty days of such refusal or where no intimation has been received from the company, within ninety days of the delivery of the instrument of transfer or intimation of transmission, appeal to the Tribunal. (5) The Tribunal, while dealing with an appeal made under sub-section (3) or subsection (4), may, after hearing the parties, either dismiss the appeal, or by order- (a) direct that the transfer or ....