METAL PRESS WORKS LIMITED Vs. RAM PRATAP KAYAN

JUDGEMENT

(1.) This is an appeal against a judgment and order of the Company Law Tribunal dated December 15, 1960 by which the Tribunal directed Metal Press Works Limited, the appellant before us, to register in the name of R.P. Kayan, the respondent, the transfer of 21900 equity shares of the appellant company. The order was made in an appeal preferred by the respondent Ram Pratap Kayan under Section 111(3) of the Companies Act. The respondent's case before the Tribunal, as appears from the petition used as grounds of the appeal, is that on 16th March, 1966 his Solicitors lodged share scrips for 21,900 shares together with applications for transfer and relative transfer deeds duly stamped and executed, for registration of the transfer in the respondent's name. It was stated in the petition that the respondent did not hear anything from the appellant company for about 58 days and ultimately by three letters all dated 14th May, 1960, the appellant intimated to the respondent its refusal to transfer the shares.

(2.) The petition used as grounds of the appeal before the Tribunal was verified by an affidavit which was affirmed on 7th July, 1966 by the respondent before a Notary. The appeal was filed before the Tribunal on July 19, 1966 or shortly thereafter.

(3.) The company did not file before the Tribunal any affidavit in answer to the appeal so that the Tribunal had no material except the petition and the annexures on the basis of which it could decide the appeal. After long and not infrequent adjournments, the appeal was fixed for hearing at Calcutta on 14th December, 1966. On that date, the appeal was again adjourned for a day at the request of Mr. Jhunjhunwala who appeared on behalf of the appellant company. On December 15, 1966, Mr. Jhunjhunwala asked for a further adjournment for 15 days to enable the company to file their affidavit. The Tribunal refused the prayer for adjournment. Therefore, Mr. Jhunjhunwala asked for the Tribunal's leave to retire. The leave was granted. By a judgment and order of December 15, 1966, the Tribunal directed the company to transfer the shares.