NAVEEN KUMAR Vs. KARNATAKA THEATRES LIMITED

JUDGEMENT

(1.) SINCE this batch of company petitions involve common questions of law, therefore these have been heard together and are being disposed of by a common judgment.

(2.) ). These petitions have been filed under S. 155 of the Companies Act, 1956 (in short "the Act") with a prayer to direct the respondent-company to rectify the register of members by entering their names as holders of equity shares to the extent they have purchased and applied for transfer. The board of Directors have rejected the transfer applications filed by the petitioners on the ground that the transfer will not be in the interest of shareholders and the company. The necessary details of each of the petitioners, the shares sought to be transferred, its value and date of rejection has been produced in a tabular form, which is being reproduced hereunder : @@ sl. No. C. P. No. No. of Shares share Cer No. Date of Refusal 1. 26/881011224-1-872752. 27/881044724-1-874723. 28/881028424-1-874834. 29/881047324-1-874695. 30/88106324-1-873576. 31/881015924-1-872637. 33/88109524-1-873148. 39/88106224-1-873469. 108/881022615-9-8610. 36/8964398-11-87@@

(3.) MR. Naganand, learned counsel for the respondents, has sought to justify the impugned rejection to transfer the shares by placing reliance on regulation 20 of Table A of the Companies Act, 1913, which reads thus :