VINOD M DESAI Vs. UNIT TRUST OF INDIA

JUDGEMENT

(1.) HEARD Mr.Saraf, the learned counsel for plaintiffs and Mr.Dhanuka, the learned counsel appearing for defendant no.3.

(2.) THIS notice of motion has been taken out in the suit filed by the plaintiffs seeking declaration that the transfer effected by defendants no.1 and 2 of 300 master plus shares by deed of transfer dated 12.10.92 in favour of defendant no.3, 300 master plus shares by deed of transfer dated 15.10.92 in favour of defendant no.4, 100 master plus shares by deed of transfer dated 27.3.92 in favour of defendant no.5, 600 master plus shares by deed of transfer dated 16.3.96 in favour of defendant no.6 and 100 master plus shares by deed of transfer dated 21.4.93 in favour of defendant no.7 is illegal, void ab-initio and not binding on the plaintiffs and other consequential reliefs.

(3.) AS regards the shares transferred in favour of defendants no.3, 5, 6 and 7, the learned counsel for plaintiffs submits that prior to the transfer of these shares in favour of defendants no.3, 5, 6 and 7, plaintiffs had no knowledge and in the year 1993 when the plaintiffs came to know that the said shares have been transferred in favour of defendants no.3, 5, 6 and 7 the plaintiffs took up the matter with the registrar of the defendant no.1 company requesting them to stop any lodgment or registration of the said shares. The learned counsel for the plaintiffs would urge that since the registrar of the defendant no.1 company informed the plaintiffs that against the disputed shares stop mark has been put up, no further action was taken earlier and suit was filed in the year 1996 when the company intimated the plaintiffs to obtain appropriate orders from the Court.