MATHEW MICHAEL Vs. TEEKOY RUBBER AND TEA CO LTD

JUDGEMENT

(1.) THESE are two appeals preferred by the appellants herein under Section 111(3) of the Companies Act, 1956 (hereinafter referred to as "the Act") (before the 1988 amendment), against the decision taken by the respondent company in refusing the transfer of 3,800 and 3,100 shares covered under these two appeals respectively. Since the issues and facts are common in both the appeals, we are disposing of these appeals by this common order.

(2.) The facts of the cases are that the appellants lodged with the company two transfer forms on July 16, 1987, and the company refused to register the transfer and informed the appellants about the refusal on September 15, 1987. The appellants filed these appeals against the refusal on October 26, 1987, i.e., within the prescribed time as provided in the statute. According to the appellants, the company did not disclose any reason for the refusal and, therefore, the appellants asked for the following reliefs :

(3.) IN view of the dismissal of the appeal by the Division Bench, the company filed its reply on the appeals already before us praying for dismissal of the same on various grounds. The appeals were heard on March 22, 1993.