TaxTMI 
TaxTMI 
2020 (12) TMI 1178
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.... 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 the Registrar of Companies Bangalore bearing CIN No.....
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....res 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 was kept standstill. The shares of deceased Late Mrs. Parvathamma are still appearing in her name in the Registrar of Companies i.e. from MGT-1. 3) Further there is no specifi....
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....pany 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 holder in favour of the Applicants. 6. Before adverting the issue in question, it is necessary to refer relevant Section under the Companies Act, 2013, which is Section 58, which is extracted belo....
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....t 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 transmission shall be registered by the company and the company shall comply with such order within a period of ten days of the receipt of the order; or (b) direct rectification of the register and also direct ....