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1 - 10 of 25 (0.26 seconds)Section 111 in The Companies Act, 1956 [Entire Act]
The Companies Act, 1956
The Indian Stamp Act, 1899
Section 155 in The Companies Act, 1956 [Entire Act]
Section 12 in The Indian Stamp Act, 1899 [Entire Act]
Section 108H in The Companies Act, 1956 [Entire Act]
Section 108A in The Companies Act, 1956 [Entire Act]
Muniyamma And Ors. vs Arathi Cine Enterprises P. Ltd. And Ors. on 8 October, 1990
Secondly, the decision of the apex court in Mannalal Khetan's case [1977] 47 Comp Cas 185 (SC) was rendered on November 25, 1976, long prior to the coming into force of section 22A of the SCRA at least nine years before it was done and is, therefore, distinguishable as not applicable in the light of the subsequent statutory changes in respect of transfer of shares of listed companies, Mr. Vedantham Srinivasan, learned counsel for the appellant-company, has also invited my attention to a judgment in Muniyamma v. Arathi Cine Enterprises (P.) Ltd. [1993] 77 Comp Cas 97; [1993] 2 Comp LJ 327 of the Karnataka High Court. I am of the considered opinion and with much respect that the said judgment rendered by My Lord, the Chief Justice, K. A. Swami, as he then was in the Karnataka High Court, will not apply to the facts of the present case. That was a case concerning the validity of share transfers in a private limited company and not of a transfer of securities or shares of a listed company and section 22A of the SCRA is not applicable to the said situation and it was only section 108 which was held applicable. In terms of section 108 of the Companies Act, as stated already, the company has no discretion whatsoever if the instrument was not duly stamped. Further, on the facts of that case, the Division Bench has held that even on the facts of that case the petitioners had not taken steps and there was no proof that such share transfers were also approved. On the facts and circumstances which were established, there was no transfer of shares and even in the said judgment the Division Bench has made a very important observation while interpreting section 155 of the Companies Act which are to the following effect :