Document Fragment View

Matching Fragments

Comp. App (AT) (CH) No. 53 of 2022 Legal Representative:

48. The Companies Act, does not define the term `Legal Representative'. Section 2(11) of the Civil Procedure Code, defines `Legal Representative', meaning `a person who in `Law', represents the estate of a deceased person, and includes any person who intermediates with the estate of the deceased and where a party sues or is sued in a representative character the person on whom the estate devolves on the death of the party so suing or sued.

51. As such, the `Representative' of a `Deceased Member', is given the `Alternative', either to be `registered' himself / herself, as a `Member' or to `Transfer Shares', devolving upon him. Thus, when the `Title' to the Comp. App (AT) (CH) No. 53 of 2022 `Shares' of a `Deceased Member', passes to the `Legal Representative', he / she may get himself / herself `registered', as a `Member', in the `Register of Member of a Company'.

Gist of Decisions:

52. In the decision in State Bank of India v. Business Development Consultants (P) Ltd. (2005) 128 Comp Cas 557, it is held that a `Right', would devolve on the `Legal Representative', on the `Death' of a `Member', whose name, is still on the `Register'. As such, the `LRs' of the `Deceased Member', whose name, is still on the `Register', are entitled to file a `Petition' for `Oppression and Mismanagement'.

Comp. App (AT) (CH) No. 53 of 2022

70. Moreover, the 3rd Respondent / 1st Respondent / 1st Petitioner M/s. M.V. Valli Murugappan, was passed away, due to `natural causes', on 21.01.2022. The Respondent Nos. 1 and 2 / Petitioners / Legal Heirs of the 1st Petitioner, are the `daughters' of the `Deceased 3rd Respondent / 1st Respondent Mrs. Valli Murugappan (Deceased) and that the Husband of the 3rd Respondent / 1st Respondent, had predeceased her, during 2017.

71. According to the Respondent Nos.1 and 2 / Petitioners, the 3 rd Respondent / 1st Respondent (Deceased), had executed a `Will', dated 17.12.2015, as `amended' by `Codicil', dated 10.04.2018, in terms of which, the `Shares' of the `3rd Respondent / Deceased 1st Respondent', in the `Appellant / 3rd Respondent Company', devolves on the `Petitioner' in IA/14/CHE/2022 in CP/95/CHE/2021. That apart, steps to `Probate' the `Will', are being undertaken, etc.