KASTURI BAI Vs. LUPIN LTD

JUDGEMENT

(1.) This Company Petition was filed by Smt. Kasturibai (Deceased PI) and Dr. Govind Goyal (P2) under section 58 and 59 of the Companies Act, 2013 against the Respondent for the following reliefs: a) Declaration that PI is the owner of impugned 100 shares oJRl. b) Declaration that PI has absolute title over the impugned shares and accordingly, entitled for 1200 Equity shares ofRl Company. c) Direction to Rl to rectify its Register of members by inserting the details of 1200 shares ofRl. d) Direction to Rl to issue/release share certificates for 1200 shares ofRl. e) For any other relief as the Tribunal may deem fit and proper.

(2.) Pi died on 22.8.2002, the Petition says that PI is represented by her son who is P2 herein. The Death Certificate of PI is enclosed but the legal heir certificate of PI is not enclosed. In this situation, the right of P2 to file the Petition may be fractional if other legal heirs are there. The Petition with deceased PI as the Petitioner is not maintainable. Inspite of this lacuna, let us discuss the merits of the Petition.

(3.) The Petition reveals that PI is the owner of 100 shares of Lupin Ltd. (Rl) (formerly known as Lupin Laboratories Ltd.) . P2, a Medical Doctor, son of PI, on 28.1.1996, while on professional visit to a patient, happened to carry some Share Certificates along with blank Transfer Deeds signed by the family members, for discussion with his Bankers to avail Bank finance by pledging the Share Certificates as collateral securities but unfortunately they had fallen in way. P2 searched these Share Certificates at home and on the road travelled by him but could not get back them. Nearly after two months i.e. on 26.3.1996, PI lodged complaint of the lost items at Bhanwarkunva Police Station, Indore under reference DD No. 1863 dated 26.3.1996.