SATISH CHANDRA, J. - (1.) THIS application under Section 155 of the Companies Act, 1956, prays that the register of Messrs. Singh Engineering Works (Private) Ltd., Kanpur, be rectified by directing the company to effect transmission of 1,500 shares held by Sardar Gurcharan Singh in favour of the applicants.
(2.) SARDAR Gurcharan Singh died on 14th June, 1969. It is admitted that he held 1,500 shares in Messrs. Singh Engineering Works (Private) Ltd., Kanpur, the respondent -company. Nearly five years after his death the applicants, who are the widow and the children of the deceased, Sardar Gurcharan Singh, sent a letter dated 29th April, 1974, to the company requesting the transmission of 1,500 shares held by Sardar Gurcharan Singh in favour of the applicants. On 9th May, 1974, the company replied that Sardar Gurcharan Singh had left a will, under which the 1,500 shares held by him were bequeathed by him to Sardar Deva Singh Inder Singh Public Charitable Trust. Sardar Gurbux Singh, who had been nominated as the executor of the will, applied to the company for transmission of the 1,500 shares in favour of the trust. The company accepted the will and, according to the direction of Sardar Gurcharan Singh, contained in the will, effected transfer of the shares in favour of the trust. The trust is the registered holder of the shares in the books of the company.
(3.) THE petitioners' case is that the reply of the company is illegal and dishonest. They were liable to effect transmission of shares in favour of the applicants. They having defaulted on this count, their register of shareholders was liable to be rectified.;