3. The decision of the Apex Court in Hanuman Prasad
Gupta’s case rather cannot help to the petitioner to
justify the contention of the petitioner. The Apex
Court while dealing with the issue relating to the
obligation of the company to pay dividend once declared
as also regarding the place at which the court will have
jurisdiction to try the offences pursuant to the failure
on the part of the company to honour its promise arising
under the cheque which is bounced as also the issue in
relation to the place of payment of dividend, it was
held that once a mode of payment of dividend is agreed
to, namely, by posting cheque or a dividend warrant, the
place to which the same is to be sent would also the the
place of performance, as such performance in the manner
agreed upon would be equivalent to the payment of the
dues and will result in the discharge of the obligation.
In view of the law laid down by the Apex Court, the
decision of the National Forum holding that when a
company goes public and various applicants from
different places apply for shares, it does not mean that
the cause of action will accrue to the applicants at the
places they reside or are expected to receive the share
