1. The applicant has taken out judges summons dated 3rd October 2011 seeking below mentioned directions/relief:
"That the applicant may be given leave to file proceedings before the Company Law Board at Mumbai against respondents for getting 136000 equity shares of APS Star Industries Ltd. transferred and registered in the name of Shri Inder Chand Jain and for splitting of shares in marketable lots on the grounds and submissions in this regard made in the affidavit in support of the Judges Summons."
2. In support of the request made by virtue of the said judges summons, the applicant has filed affidavit in support of the summons, wherein, it is inter alia stated that:
"4. I say that the respondent No.2 is an Official Liquidator having been appointed as such by this Hon'ble High Court in pursuance to the winding up order dated 9.1.2006 passed by this Hon'ble High Court in Company Petition No.190/2003. The respondent No.2. Is therefore, representing the respondent No.1. Annexed herewith and marked as Annexure A is a copy of the order dated 9.1.2006 passed in Company Petition No.190/2003.
5. The respondent No.3 is the Chairman and Managing Director of the respondent No.1 and is residing at Flat No.12, Datta Prasad Building, Opp. Activity School, Nr. Gamadia Road, Opp.Jaslok Hospital, Peddar Road, Mumbai-400026.
6. I say that KJMC Financial Services Limited was having shares of APS Star Industries Limited. The applicant purchased 1,36,000 shares of APS Star Industries Limited I.e. respondent No.1 herein from KJMC Financial Services Limited. The applicant purchased the shares from KJMC Financial Services Limited who in turn issued debit notes to Shri I.C.Jain. Annexed herewith and marked as Annexure B are copies of two debit notes evidencing the fact that the shares of the APS Star Industries Limited have been sold to Shri I.C.Jain at the rates mentioned in the debit notes.
7. The respondent No.1 company had by its letter dated 20.8.1999 also forwarded to the applicant blank transfer deeds for doing needful. Annexed hereto and marked as Annexure C (collectively) are the copies of the letters dated 20.8.1999 and 19th November, 1998 indicating the pledge of shares as stated above.
8. As the inter corporate deposit could not be repaid, the applicant approached the respondent No.1 and 3 to transfer the pledged shares as follows:
9. The respondent No.1 by a letter dated 7.1.2000 informed the applicant that the arrangement for transfer of shares referred to above will be done by the end of January, 2000. Annexed herewith and marked as Annexure D is the letter dated 7th January 2000. As the shares were not transferred by January 2000 the applicant followed up the matter with the respondent No.1 who once again informed the applicant that as the work relating to the transfer of shares has been assigned to M/s.Consindia Pvt. Ltrd. they were to take up the matter of transfer of shares with Consindia Pvt. Ltd., who has assured the respondent No.1 that the work of transferring the shares will be completed by June 2000. Annexed hereto and marked as Annexure E is a copy of the letter dated 25.4.2000 written by the respondent No.1 to the applicant.
11. The applicant thereafter, in spite of following up the matter on various occasions, has not heard anything from the respondent No.1. The applicant also took up the matter with the Stock Exchange at Mumbai since the respondent was a company listed at the Bombay Stock Exchange. Annexed herewith and marked as Annexure E is a copy of the letter dated 8th February 2001 of Bombay Stock Exchange. However, the applicant's shares have yet not been registered in the name of the applicant."
3. Mr.
Yadav, learned Advocate for the applicant has submitted that Official Liquidator has no objection if the permission as requested for is granted, however, the applicant should deposit/pay the amount towards expenditure and cost that the office of Official Liquidator, Ahmedabad will have to incur for engaging advocate to attend the proceedings.
4. Having regard to the submissions made by learned Advocate for the applicant at the time of hearing and considering the averments made in the application, the request as prayed for deserves to be granted and there does not appear to be any reason or justification to decline the request. However, the submissions made by Official Liquidator are also required to be taken into account while granting the permission as prayed for. Therefore, permission to file appropriate proceedings before the Company Law Board at Bombay against the respondent for getting 1,36,000 equity shares of the company transferred and registered in the name of Shri I.C.Jain and for splitting of shares in marketable lots is granted on the condition that the applicant shall bear/pay the expenditure and cost which the Official Liquidator may have to incur for attending the proceedings before the Company Law Board at Bombay and for that purpose at initial stage the applicant shall deposit Rs.15000/- and shall undertake to reimburse/pay any other or further expenditure or cost including professional fees of Advocate if required to be incurred by the Official Liquidator. The applicant shall deposit the aforesaid initial amount in the office of Official Liquidator within 15 days from today and thereafter when the final demand/invoice is raised by Official Liquidator, the applicant shall pay the same within 15 days from the date of the invoice.
5. If the total cost and expenditure comes to less than Rs.15,000/- then the Official Liquidator shall refund the balance amount to the applicant.
6. With the aforesaid clarification and direction, the application is allowed to the aforesaid extent.
(K.M.THAKER, J.) jani Top