Allowed

Sandeep Promod Shah and Anr. v. the Official Liquidation of Mafatlal Engineering Industries (in Liqn.)

Bombay HC30 Jan 2009CA/1627/2008

Case brief

AI extract

What is this about?

Sanction granted for the transfer of 66,070 equity shares from the Administrator of the Specified Undertaking of the Unit Trust of India to the Applicant in Company Application No.1627 of 2008.

What did the court decide?

Company Application made absolute in terms of prayers (a) and (b) subject to clarification on share liability.

Sandeep Promod Shah and Anr. Vs the Official… — Company and Corporate | Bombay HC (2009)

¶1

 : 1 :

¶2

IN THE HIGH COURT OF JUDICATURE AT BOMBAY
 ORDINARY ORIGINAL CIVIL JURISDICTION

¶3

 COMPANY APPLICATION NO.1627 OF 2008
 IN
 COMPANY PETITION NO.743 OF 1990

¶4

 Mafatlal Engineering
 Industries Ltd.(in Liqun.) ..Respondent
 Company

¶5

 United Metachem Pvt. Ltd. ..Petitioner.
 And

¶6

 Sandeep Pramod Shah ..Applicant.
 Vs.

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 The Official Liquidator
 & Anr. ..Respondents.

¶8

 Mr.F.Dubhas i/b.Fedral Rashmikant & Associates for
 the Applicant.

¶9

 Mr.C.N.Mehta for the Original Applicant.

¶10

 Mr.S.Ramakantha, Deputy Official Liquidator present.

¶11

CORAM : S.J. VAZIFDAR,
DATED :30TH JANUARY, 2009

¶12

P.C. :

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 1. The Applicant seeks sanction for the transfer of
 66,070 equity shares of the company in liquidation,
 by the transferor, the Administrator of the
 Specified Undertaking of the Unit Trust of India, to
 the Applicant.

¶14

 2. The Applicant states that the shares are fully
 paid up. It is however made clear that this order

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 : 2 :

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 is subject to the transferor as well as the
 transferee being responsible for any amount that may
 be payable in the event of the amount not having
 been paid.

¶17

 3. There is nothing on record which militates
 against the sanction sought for the transfer of the
 said shares. The Official Liquidator has not raised
 any objection. The transaction is not pre-judicial
 to public interest or to the interest of the company
 or its shareholders and Directors.

¶18

 4. In the circumstances,a the Company Application
 is made absolute in terms of prayers (a) and (b),
 subject to the above clarification.

¶19

 Further, the Applicant shall be responsible for
 all costs/charges/expenses relating to or in respect
 of the said transfer.

¶20

***

Sandeep Promod Shah and Anr. v. the Official Liquidation of Mafatlal Engineering Industries (in Liqn.)

Case brief

What is this about?

What did the court decide?

Sandeep Promod Shah and Anr. v. the Official Liquidation of Mafatlal Engineering Industries (in Liqn.)

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

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