ASIATIC OXYGEN LTD Vs. STATE

JUDGEMENT

(1.) This application has been made by Raigarh Trading Co. Ltd. against Asiatic Oxygen Ltd. & ors., for inter alia, delivery of 28,500 equity shares of Rs. 10/- each in the respondent Asiatic Oxygen Ltd. (hereinafter referred to as the Company) belonging to the petitioner; in the alternative for issue of duplicate certificates for the aforesaid 28,500 equity shares of Rupees 10/- each and delivery thereof to the applicant. This application has been made, on a Judge's Summons dated 8th October, 1969 under Section 113 of the Companies Act, 1956.

(2.) In this application Surajmal Nagarmal, a partnership firm was given liberty to intervene. The said firm has also filed Affidavit. There is no dispute before me that Raigarh Trading Co. Ltd., the applicant is the registered holder of the said 28,500 equity shares of Rupees 10/- each in the Company. The only dispute before me is as to whether the Company delivered the said shares to the Petitioner. The Company alleges that the Company duly delivered the said shares to one Dinesh Chandra Sarkar representing the applicant, who in his turn delivered the said shares to M/s. Surajmal Nagarmal through Biswanath Deora as and by way of pledge for the due repayment of loans granted by. Surajmal Nagarmal to the Petitioner. On the nature of affidavit evidence it is difficult to come to any conclusion as to whether the company delivered the said shares to the applicant represented by the said Dinesh Chandra Sarkar who hi its turn pledged the same with Surajmal Nagarmal. For deciding the said fact this application has to be tried in evidence.

(3.) But, in my opinion, it is not necessary- for me to try this application on evidence inasmuch as I am of the opinion that an application for delivery of shares under Section 113 of the Companies Act, 1956 does not lie. For that the Companies Act, 1956 provides for no special remedy. A suit has to be filed for that. Section 113 of the Companies Act reads as follows :--