ASHWINKUMAR GUPTA Vs. VISAGAR POLYTEX LTD
NATIONAL COMPANY LAW TRIBUNAL
VISAGAR POLYTEX LTD
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(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: -
"a) To direct the Respondent Company that 1000 shares on folio number 787 showing in the name of Nand Kishor Tekriwala be transferred in the name of the petitioner and for issuing of fresh share certificates on the basis of reduction in face value of shares effected by the Respondent Company;
b) To direct the Respondent Company to rectify the Register of Members showing him as holder of impugned shares in the place of Nand Kishor Tekriwala;
c) To direct the Respondent Company to handover to the petitioner the original shares in respect of the impugned share certificates of impugned shares after affecting the transfer of the said shares and/or after issuing fresh share certificate in the name of the petitioner;
d) To direct the Respondent Company to deliver dividend declared over the impugned shares to the petitioner from the date of execution of transfer deeds;
e) And other reliefs which may deem fit and proper in the circumstances of the case."
(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.
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