LARSEN & TOUBRO LTD Vs. ASHOK SUKHIJA

JUDGEMENT

(1.) - The challenge in the present revision petition is to the order passed by the learned executing Court on 24.5.1995, whereby the objections filed by the petitioner that the decree is not executable was dismissed.

(2.) The decree-holder filed a suit for declaration that he is engaged in sale and purchase of shares. Vide Bill No. 1765 dated 23.1.1998, he purchased 1500 shares of the defendant-Company as an absolute buyer from M/s. Neelam Bhatia and Company and another 1500 shares from Kewal Bankers and Company, Ludhiana, vide Bill No. 87 and 88. After the purchase of the aforesaid shares, the plaintiff was delivered the shares by the respective sellers. The defendant was working as a share broker at Ludhiana and defendant No. 2, in the last week of January, 1988, approached the petitioner for selling the aforesaid 3,000/- shares and offered to pay premium over and above the price at which the plaintiff has purchased the shares. The petitioner transferred the shares to defendant No. 2 on receipt of cheque for a sum of Rs. 3,00,000/- but the cheque was dishonoured. Defendant No. 1 has disappeared from his business premises and, therefore, the plaintiff sought a declaration that since the consideration has never passed, therefore, the contract of sale of shares between the plaintiff and defendant No. 2 is void ab initio. It was asserted that it is the plaintiff and not defendant No. 2, who is the sole owner of the said shares. The suit was decreed to the effect that the plaintiff is owner of the shares as detailed in head note of the plaint and defendant No. 2 has no interest in the said shares. The learned trial Court also restrained defendant No. 1 from transferring the said shares in the name of defendant No. 2 or any purchaser from defendant No. 2 except on valid documents as provided under Section 108 of the Companies Act, 1956. The operative part of the judgment reads as under :

(3.) In execution of the said decree, the petitioner filed objections and produced on record Exhibit OW1/3, containing the names of the registered owners of the shares in question. The said description reads as under :-