Even the preliminary objections raised are tenable. Department of Higher Education. Malayalam and English are the primary languages of instruction; Tamil and Hindi are also used. Archived from the original on 21 May Hence, deed of assignment is not a sale agreement or an agreement to sell, and if so treated it will be void under the provisions of Securities Contract Regulation Act.
Press question mark to see available shortcut keys
In this order I am considering Company Petition No. The undisputed facts of the case are: The main object of the company was to take over as a going concern the business of inter alia, printers, stationers as general merchants, contractors, agents, importers, exporters actors, warehouseman, ship owners and carries by land and sea, etc. The company is a closely held company as majority of its shareholders come from the same family and have utmost trust, the confidence and good faith between the family members.
In view of the trust, faith and confidence documents and agreement are executed and admitted on oral assurance. The shareholding of the respondent No. Chaudhary, Counsel for the petitioners pointed out that the petitioner No.
Bhargava, Resident of 6, J. Nehru Road, Kolkata who is director as well as shareholder of the respondent No. He had utmost trust, the confidence and the good faith between the family members, in view of such trust, faith and confidence, documents and agreements were executed and admitted on oral assurance. It was further pointed out that the petitioner No.
Manjari Bhargava daughter of petitioner No. It was, however, observed that the company's performance was deteriorating day by day so much that company's net worth got fully eroded as on At this point, the petitioner No. It was pointed out that a careful perusal of assignment deed at page 87 would make it clear that the consideration amount was left blank as the consideration was to be paid on actual transfer of shares and execution of the transfer deeds.
It clearly demonstrated, it was argued, that the blank space was filled up later on by the respondent No. The purpose behind execution of deed was not to transfer the ownership rights of shares but only the right attached thereto. Moreover, the respondent No. The transfer of shares held by the petitioners in favour of respondent No. It was pointed out that for sale of shares, either there is execution of transfer deed or an agreement to sell. As sale, except a spot delivery sale is prohibited by law under the Securities Contract Regulations Act , no agreement to sale could have been signed.
Hence, deed of assignment was executed. The counsel for the petitioners argued that the Deed of Assignment dated No consideration has been paid pursuant to the Assignment of shares.
A careful perusal of the assignment deed, it was argued, would reveal that the consideration of Rs. Had the intention of petitioner No. This fact is verifiable from the certificate of the. Chartered Accountant at page of the petition wherein the value of the shares of the Respondent No.
It was argued that the whole argument of the respondents that the consideration has been paid has no merit and the same is liable to be ignored. Further, the petitioner No. Thus, it is clear that the purpose behind execution of deed was not to transfer the ownership rights of shares but only the interest therein. On the ratio that in case no consideration is paid the transfer is void, the judgment of the Apex Court in the matter of John Tinson and Co.
Surjeet Malhan AIR SC was relied upon wherein the Hon'ble Supreme Court has clearly stated that if a transfer is without consideration, then the agreement for transfer of shares is void para 6 of the judgment refers.
Therefore, it was argued that the present case when the value of the shares was more than per share, the same could not have been transferred at mere paltry sum of per share.
Therefore, the above consideration was no consideration in the eyes of law and in view of the judgment of the Hon'ble Supreme Court. Therefore the alleged transfer is liable to be set aside on this ground alone. In this regard, it is pertinent to mention here that the witness of the assignment deed namely, Mrs.
Neelima Bhargava and Mr. Vijay Bhargava have also confirmed that there was no consideration paid. In this regard, the respondent have also argued if an affidavit in a proceeding has been filed in such case the witness who have signed the affidavit are required to depose.
It was pointed out that the proceedings before this Hon'ble Board are in the nature of summary proceedings.
Further, if the respondents had desired for cross examination then it was incumbent upon them to move an appropriate application for cross examination which the respondents have not done; therefore, it does not lie in the mouth of the respondents to argue regarding cross examination of the witnesses.
Therefore, the above argument is liable to be ignored and rejected, b. It was argued that the deed of assignment was actually executed in view of inability of the petitioner No.
In this regard, my attention was drawn to the letter dated 2. Further, it was argued that the execution of assignment deed was primarily because of misrepresentation caused by the respondent No. In this regard, my attention was drawn to the Balance Sheet of the respondent No.
Further, it was argued that the respondent No. Further, the company's financial conditions has been deteriorating and the company is facing debts to the tune of Rs.
It was argued that since the petitioners have not received any consideration for the alleged assignment of rights n respect of shares and the petitioners are filing affidavits of the witnesses who signed the deed of assignment as a witness to the effect that no consideration was actually paid. It was contended that the transfer of shares is illegal if it is done without completing the formalities of proper transfer form and if the intention would have been to transfer the shares the same could have been done by filing the share transfer form and not by Deed of Assignment.
It has been argued by the Respondents that assignment of deed is a transfer and Section does not bar any other method of transfer. In this regard, it has been stated that in case a person dies then succession takes place which has been affirmed even by the Hon'ble Supreme Court. It was pointed out that the provisions of Section of the Companies Act, regarding transfer of shares are mandatory in nature and all the compliances are to be strictly followed before any shares are to be transferred in the company.
Reliance was placed on the judgment of the Apex Court in the matter of Manna Lal Khaitan AIR SC is relevant to Court wherein the Apex Court has clearly held that provisions of regarding transfer are mandatory in nature and any transfer in violation of Section will be void.
In case of death of a person, the same are not transfer of shares but transmission of shares, which is a totally independent and separate right. There are 3 universities in Thiruvananthapuram: The Government Medical College, Thiruvananthapuram is the first and a premier medical school in Kerala, founded in The city houses several prominent legal education institutions. The Government Law College , formed in , is one of the oldest legal education institutions in India.
Xavier's College and All Saints College. Thiruvananthapuram has numerous newspaper publications, television and radio stations. Most of the media houses in Kerala are based in Thiruvananthapuram. The first Malayalam channel, Doordarshan Malayalam began broadcasting from the city in All India Radio , the national state-owned radio broadcaster, airs Medium wave and Shortwave radio stations in the city. The most popular sports in Thiruvananthapuram are cricket and football. The city hosted the first international cricket match in Kerala at the University Stadium in Mohandas , Bhaskar Pillai and Padmanabhan Prasanth.
The Sports Hub, Trivandrum , commonly known as Greenfield Stadium is one of the largest cricket and football stadiums in India.
The city has facilities to host most type of sports. Jimmy George Indoor Stadium is a major indoor stadium in the state.
It is used for conducting basketball , volleyball , table tennis , gymnastics , aquatics and martial arts. Basketball tournaments are usually conducted by the schools in the city. Many Surfing and Stand Up Paddle tournaments organised in the city. From Wikipedia, the free encyclopedia. This article is about the city. For the district, see Trivandrum district. For the urban agglomeration area of Thiruvananthapuram, see Thiruvananthapuram metropolitan area.
Metropolis in Kerala, India. Evergreen City of India . Administration of Trivandrum district. View of Technovalley, in the north western part of the city at night.
Kowdiar road; also known as the royal road or "Raja Veedhi", as it leads to the Kowdiar Palace. Thiruvananthapuram Central Railway Station is the busiest railway station in Kerala. Schools in Thiruvananthapuram and Colleges in Thiruvananthapuram. A football match in CSN Stadium. List of twin towns and sister cities in India. Thiruvananthapuram portal Kerala portal India portal. Retrieved 18 May Prasanth elected Thiruvananthapuram Mayor". Retrieved 10 July Archived PDF from the original on 23 August Ministry of Home Affairs, Government of India.
Retrieved 9 July Retrieved 19 July Kerala State Planning Board. Retrieved 1 March Retrieved 18 June Kerala History and its Makers. The Territories and States of India. The Rough Guide to South India. Retrieved 20 December The Times of India. Retrieved 28 March Retrieved 5 August Winners and Why they made it". Retrieved 27 March Retrieved 17 May Archived from the original on 18 September Retrieved 29 October Retrieved 3 August The sun never sets: South Asian migrants in an age of U.
Publications Division, Ministry of Information and Broadcasting. Archived from the original on 3 October Retrieved 17 October Retrieved 24 June New Perspectives on Maritime Trade. In Quest of Kerala: Geography, places of interest, political history, social history, literature.
Retrieved 25 June Thiruvananthapuram Municipal Corporation Introduction. Thiruvananthapuram Corporation, Government of Kerala. Archived from the original on 16 September Retrieved 3 January Criminal Justice India Series: State Portal of Kerala. Indian Space Research Organisation. Archived from the original on 26 April Retrieved 23 May Kerala State IT Mission. Retrieved 25 August Official Site of Kerala IT. Archived from the original on 24 July Retrieved 28 October Falling Rain Genomics, Inc.
Retrieved 19 March Indian Institute of Tropical Meteorology Pune. Archived from the original on 20 October Geological Survey of India. Retrieved 1 July Archived from the original on 25 January Archived from the original on 21 May Retrieved 25 October National Oceanic and Atmospheric Administration.
Archived from the original on 13 September Retrieved 5 December Census of India , Government of India.
Retrieved 6 December Archived from the original PDF on 27 January Retrieved 9 November Retrieved 24 January Archived from the original PDF on 24 January District Police Office, Thiruvananthapuram City.
State Police Computer Centre. Kerala prisons and correctional services. The New Indian Express. Sathyu's short film Namak Ki Kankari As an arranger, he is known for fusing Hindustani music , Carnatic music with western techniques and arranged background scores for various films. He worked with theatre personalities including Sri A.
Rao has been involved in theatre in various capabilities. He has worked as a musician, composer, actor and director. He has acted in quite a few soap operas on television including Asare , Tulasi , Manvantara and Muktha. He toured as a part of Chakrafonics ,a world music band that addresses genres from Indian classical fusion to world music.
From Wikipedia, the free encyclopedia. This article includes a list of references , related reading or external links , but its sources remain unclear because it lacks inline citations.
Please help to improve this article by introducing more precise citations. December Learn how and when to remove this template message.