Rajeswara Rao Vittanala, Member - (1.) This Company Petition bearing No. 2074 of 2010 (which is hereinafter referred to as Company petition for brevity) was initially filed by Andhra Pradesh Industrial Development Corporation Limited (hereinafter referred as "Petitioner Company") in 2010 before the then Hon'ble Company Law Board, Chennai Bench, at Chennai (CLB). The case was pending, when the National Company Law Tribunal (NCLT) was constituted. On constitution of NCLT Bench at Hyderabad for the cases pertaining to the States of Telangana and Andhra Pradesh, the case is transferred to this Bench. Hence, we have taken the case on records of this Bench and deciding it.
(2.) The Company petition was heard on several dates by the CLB, and it was finally transferred to this Bench in July, 2016. Accordingly, the case was started listing before this Bench from 03.08.2016 and it stands adjourned to 18.08.2016 and 16.09.2016. When none appeared for both the parties on the above mentioned dates, the Registry issued notices to the parties on 17.09.2016, directing them to be present on the next date of hearing, i.e., 06.10.2016. Subsequently, the case was posted on 06.10.2016, 20.10.2016, 18.11.2016, 21.11.2016, 07.12.2016, 20.12.2016 and 28.12.2016. On 28.12.2016, all counsels got ready and argued the case finally and thus orders are reserved.
(3.) The present Company Petition has been filed under Section 111A of the Companies Act, 1956, inter alia seeking the Tribunal to direct: i) The first Respondent Company:- i. To rectify its Register of Members by registering the Petitioner as the owner of 4,20,500 shares; ii. To register the shares in the Petitioner's name as the owner of 4,20,500 shares; iii. To issue duplicate shares to the extent of 86,500 shares to the Petitioner; iv. To pay all dividends, rights shares, bonus shares and any other accruals with respect to the 4,20,500 equity shares declared from time to time that the Petitioner is entitled to along with interest at the rate of 15% per annum from the respective last dates of payment of dividend that have been declared from time to time. ii) The Second Respondent Company;- I. to register the 2,27,500 shares in the Petitioner's name as the owner of 2,27,500 shares.;