KAMALABAI` Vs. VITHAL PRASAD CO PVT LTD

JUDGEMENT

(1.) This is a Company Petition filed by the petitioner under Section 155 of the Companies Act for rectification of Register of Members of the respondent-Company, directing the respondent-Company to effect the transfer/substitute the name of the petitioner No.1 in place of her deceased husband Channabasappa and to declare that petitioner No.1 is entitled for the benefits and profits of the Company.

(2.) Facts of the case speak eloquently. The respondent is a Company incorporated under the provisions of the Companies Act, 1956. It is a private limited Company with an object of purchase, sell or otherwise, deal in all kinds of oil, lubricants, petrol and petroleum products. The first petitioner's husband and the father of the petitioners 2 to 7 Mr.Channabasappa was one of the Director-Member and a share holder of the respondent-company. He died on 16.8.1988 leaving behind him the pe' tioners, the legal heirs. The petitioner No.1 after the death of her husband, made an application on 30.10,1988 with the respondent-company for the transmission of his shares and other interest in her name. The true copy of the application is produced and marked as Annexure- C. The petitioners were asked to comply certain requirements by the company, such as production of the succession certificate. It was accordingly complied with and has produced the succession certificate issued by the competent authority along with the application. The true copy of the same is produced and marked as Annexure-D. The petitioners 2 to 7 have given their no objection letter for transmission of shares in the name of petitioner No.1. The copy of the said letter is produced and marked as Annexure-E.

(3.) The petitioners had sent several reminders to the respondent- Company and for transmission of shares of deceased Channa- basappa but no action was taken in this regard. Ultimately, the petitioners have issued a legal notice dated 28.6.1990 to the Company for complying and considering the application. The said notice was produced and marked as Annexure-E.