ASHWINKUMAR GUPTA Vs. VISAGAR POLYTEX LTD

JUDGEMENT

(1.) The Petitioner filed this Company Petition u/s. 111-A of the Companies Act 1956 against the Respondent Company (in short the Company) namely Visagar Polytex Ltd., seeking reliefs as follows: -

(2.) The case of the Petitioner is that the Company has originally incorporated as Barasia Holding & Trading Company Ltd.; later has changed into Visagar Polytex Ltd., (R) on 27-11-2006. Initially, the Company issued 2,47,930 shares of Rs. 10 each in November 1983, thereafter on 22-4-2008, rights offer was made to issue of 4,96,000 equity shares at Rs. 10 each to the existing equity shareholders in the ratio of two equity shares for every one existing share. On 08-01-2010, the shares of Rs. 10 were split in 10 shares of the face value of Rs. 1 each.

(3.) He further submits he lodged a request with the Company Transfer Agent namely, M/s. Adroit Corporate Services Private Limited (in short Adroit) on 30-7-2011 for registering transfer of 1000 shares of the company in the petitioner's name in the place of transferor Nand Kishor Tekriwala with immediate effect. He sent share certificates for those 1000 shares and transfer instrument along with the lodgement letter dated 30-7-2011. When there was no action from the Transfer Agent - Adroit - in reference to the request made by him, he sent reminder on 28-9-2011 about lodgement of share certificates and transfer instrument for transfer of impugned shares, then Adroit confirmed through a letter dated 10-10-2011 that they were forwarding his request to the Company for doing the needful at their end. When there was no response even after lapse of two months, the petitioner filed this Company Petition seeking the reliefs as mentioned above.