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Standard Chartered Bank vs Andhra Bank Financial Services Ltd. & ... on 5 May, 2006 cites

Vasudev Ramchandra Shelat vs Pranlal Jayanand Thakar And Ors on 17 July, 1974

Relying on the judgment of this Court in Vasudev Ramchandra Shelat v. Pranlal Jayanand Thaker and Ors. it is pointed out that a transfer of property in securities, which is recognised by the TP Act, may be antecedent to the actual vesting of all or the full rights of ownership of shares and exercise of the rights of a shareholder in accordance with the provisions of company law. The antecedent transfer of title in the security results in the equitable right of the transferee to be registered by the company. Learned counsel contended that as a result of delivery of the original LOA accompanied by the blank transfer deed, CMF acquired ownership rights including the equitable right as against NPCL to have its name registered as the owner. Strongly refuting the argument of Mr. Jethmalani, Mr. Kapadia contended that since delivery of securities accompanied by a blank transfer deed was a common practice in the trade, there was no occasion for alarm bells ringing merely because the original LOA accompanied by blank transfer deed was delivered to CMF. In our view, notwithstanding the market practice of delivery of securities accompanied by a signed blank transfer deed, the property in the securities can only be transferred if there is bona fide purchase of the same for value. The crucial question in the present case is: did CMF purchase the suit bonds for value from the antecedent title holder?
Supreme Court of India Cites 21 - Cited by 79 - M H Beg - Full Document
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