(1.) The short point arises in this appeal is whether the Company Law Board lacked authority in receiving the petition under Sec. 58 of the Companies Act, 2013 beyond the period prescribed in sub-section 4 thereof.
(2.) The facts limited to the aforesaid issue are summarized below.
(3.) Rohinten Daddy Mazda became the owner of 20 shares of the appellant Company by a grant of probate on 30th Nov., 1990. The petitioner on 1st March, 2013 applied to the company for transfer of 20 shares. On 30th April, 2013 the Company refused transmission of the said shares. The respondent issued a legal notice on 18th July, 2013 threatening legal action. Sections 111 and 111A of the Companies Act, 1956 stand replaced on 12th Sept., 2013 by insertion of new Sections 58 and 59 of the Companies Act, 2013. On 12th Dec., 2013, Mr. Mazda forwarded a copy of petition under Sec. 111A(2) of the Act to the appellant Company. Thereafter Sri Mazda presented the petition before the Company Law Board on 13th Dec., 2013. On 16th Dec., 2013, a letter was issued by the Bench Officer to rectify the defects and submitted further documents.
ABOUT US "REGENT COMPUTRONICS PVT. LTD." is a Company incorporated in 1991 under the provisions of the Companies Act, 1956. Since its inception to 1995, the Company was busy in carrying out the activities related to various Banks' Job Work..
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