Law: Companies Act (VII of 1913)

Section: 38

Companies Act (VII of 1913)  S. 38-Transfer of shares-Gift of shares alleged by petitioner to have beer, made by donor not proved-Affidavit of petitioner showing shares not actually owned by alleged donor and donor found to have held same as benamidar-No request made to respondent by transferor or transferee of shares to register transfer and respondent never considered or refused to register same-Mere allegation on part of respondent to refuse to register transfer of shares, held, not enough-Petition dismissed.-[Gift]. LINK1 LINK2 LINK3 LINK4 Muhammad Akbar v. Official Liquidator A I R 1950 Bom. 217; New Citizen Bank of India v. Asian Assurance Co. Ltd. A I R 1945 Bom. 149; Ontario Jockey Club Ltd. v. McBride 1927 A C 916(1); In re: Luchmee Chand (1882) 8 Cal. 317; Jagan Nath v. Gopi Chand A I R 1915 Lah. 100; Ramesh Chandra Mitter v. Jogini Mohan Chatterji 47 Cal. 901 and Indian Merchants Bank Ltd. v. Jogindra Singh A I R 1928 Lah. 234 ref. Date of hearing : 18th August, 1980.                                                                                                               JUDGMENT   GUI. MUHAMMAD KHAN, J.-The petitioner has prayed through this petition for rectification of the register of share-holders of the respondent­ Company under section 38 of the Companies Act, 1913. Her late father Mr. Zafarul Ahsan is stated to have held 34000. shares out of 50000, shares of the respondent-Company but according to Annex. 'A' he held only 500 shares. It is stated in paras. 2 and 3 of the petition that the seed money for promotion of the Company was provided by late Justice Z. H. Lari, to his brother Mr. Zafarul Ahsan who and his family members held all the shares as 'benami'.   2. Respondent No. 2, who is petitioner's brother and who was exercising various powers of the respondent-Company, statedly abused his position by mismanaging and misusing…