N.K. AGARWAL Vs. HANUMAN MILLS P. LTD.

JUDGEMENT

(1.) This is an application under Sec. 155 of the Companies Act, 1956 praying for an order for rectification of the membership register of the Hanuman Mills Pvt. Ltd. by entering the name of the applicant as a share-holder in respect of 342 shares. It is said that in execution of a decree, these shares were attached and sold at a public auction held on July 18, 1963, and were purchased by the applicant.

(2.) According to the applicant, the executing court issued a certificate at dated July 31, 1965 certifying that the applicant had become the owner of those shares. It also directed the Company to substitute applicant's name in place of Sri Damodar Das. In spite of aforementioned intimation about transmission of shares, the Company defaulted in rectifying its membership register, and it became necessary for the applicant to approach this Court for obtaining necessary relief.

(3.) Prayer made in this application has been contested by the Company. Sri S. S. Agarwal the Managing Director of the Company, has filed the objection on its behalf. The objector neither admits that the petitioner owns the shares in dispute nor that he is entitled to have his name brought on the register of members. In paragraphs 5 and 23 it raised an objection that in the circumstances, the present application for rectification of register is not maintainable under Sec. 155 of the Companies Act.