ALKESHBHAI MUKUNDBHAI Vs. GRASIM INDUSTRIES LTD

JUDGEMENT

(1.) This petition is filed under Section 111 of the Companies Act, 1956 read with Regulation 44 of the Company Law Board Regulations and under Sections 58 & 59 of the Companies Act, 2013. Petitioner No. 1 is son of late Mr. Mukundbhai Saheba and 2nd petitioner late Mrs. Indiraben Saheba. Petitioner No. 2 is second holder and member of 36 equity shares out of 72 equity shares of the respondent company. Petitioner No. 3 is the real brother of petitioner No. 1, son of petitioner No. 2 and late Mr. Mukundbhai Saheba. Petitioner No. 3 is second holder of equity shares consisting of total 36 equity shares. Petitioner No. 4 is wife of petitioner No. 3. Petitioner No. 3 was the first holder of second lot of total 36 equity shares of the respondent company along with joint name of petitioner No. 4. Petitioner Nos. 1 and 3 after following due process of law, got succession certificate from Hon'ble City Civil Court at Ahmedabad in respect of equity shares of the respondent company held by late Mukundbhai Saheba. Late Mukundbhai Saheba along with petitioner No. 2 being the legal owner and possessors of 36 equity shares of the respondent company and were members of the respondent company. Names of petitioners 2 to 4 was wrongly removed from the list of respondent company inspite of their obtaining succession certificate and applying to the respondent-company for rectification of the register by registering name of petitioner Nos. 1 and 3, the company has declined registration of their names by remaining silent.

(2.) According to the petitioner, respondent company is bound to rectify the list of members by adding name of petitioners 1 and 3 in the register of members. According to the petitioner, provisions of Limitation Act are not applicable in the case of filing of the petitioner under section 111 of the Companies Act, 1956. The cause of action arose upon non-registration of the shares in the name of petitioners even after the last communication dated 12th May, 2012, petitioners waited for a long time but there was no response from the respondent company. Petitioners 1 and 3 personally approached the respondent company but there was no response from the respondent company.

(3.) Late Mukundbhai Saheba and Smt. Indiraben Saheba (2nd petitioner) were holding 36 equity shares in two lots, one lot of 25 equity shares and another lot of 11 shares having separate distinctive numbers of the respondent company. Further, bonus shares were issued by the respondent company and thereby another lots of 25 equity shares and 11 equity shares came to be issued. On the request of the original owners of the equity shares, bonus shares were issued in the name of petitioners 3 and 4, ie., son and daughter in law of original owners.