K. K. Bhargava vs Malti Bhargava & Ors

Malti Bhargava & Ors. ...Respondents

Present:

For Appellant : Ms. Shagun Bhargava, Advocate

For Respondent No. 1: Shri Rajiv Shukla, Advocate For Respondent No. 2 : Shri Davinder N. Grover and Shri Samant Singh, Advocates

ORDER

12.10.2017 The respondent - Malti Bhargava W/o Late Shri Nakul

Bhargava filed the petition under Sections 58 and 59 of the Companies Act, 2013

against the appellant with the following reliefs:

a. "That an order/decree for the transmission of shares may be passed

in favour of Petitioner by the Respondents and it may be declared that

the Petitioner is the rightful owner of 6,644 Equity Shares and 4,057

Preference shares of face value of Rs. 10/- each (equity shares) and

Rs. 10 each (preference shares) which were registered in the name of

the Late SH. Nakul Bhargava in the books of Caxton Press Pvt. Ltd.

b. That the Respondent No. 1 company be directed to rectify the register

of members and enter the name of Petitioner by transmitting the

shares of her late husband Sh. Nakul Bhargava 6,644 equity shares 2

of Rs. 10 each and 4,057 preference shares of Rs. 10 each in the

company and other entitlements and the Register of members be

rectified under sections 58 and 59 of the Companies Act, 2013 and

the name of the Petitioner be entered in the Register of Members in

respect of Shares preference and equity owned by late Nakul

Bhargava.

c. That the Respondents be directed to refund the dividends, interest,

bonus and/or rights entitlements received by him in respect if above

shares preference and equity.

d. That the past, pendelite and future interest on the amount of

dividends and interest already received by Respondents @ 18% p.a.

may be awarded in favour of the Petitioner and against the

Respondents.

e. That the entire cost of the suit may be awarded in favour of Petitioner

and against the Respondents.

f. That any other relief which may deem fit and proper under the

circumstances of the case may be awarded in favour of the Petitioner

and against the Respondents."

2. The Tribunal in view of the Succession Certificate obtained by the

respondent/petitioner (Malti Bhargava) passed the following order :

"9. In the facts since petitioner has obtained succession

certificate in her favour, her name has to be inserted in the Register

of members in place of her deceased husband. In view of that

matter the Respondent No. 1 Company and its two present

directors i.e., Respondent No. 2 & 3, are directed to treat the 3

Petitioner as the legal heir of her deceased husband late Nakul

Bhargava, and transmit the shares of Respondent 1 company, held

by late Nakul Bhargava, in her favour by substituting her name in

place of her deceased husband Nakul Bhargava within two weeks

from the date of receipt of this order. Respondent No. 1 Company

and its directors are also directed to take steps to pay arrear

dividends, if any, as admissible under the rules within 30 days

hereof.

10. The Company Petition is disposed of accordingly.

Serve copy of this order to parties."

3. Learned counsel appearing on behalf of the appellant/respondent submits

that the Succession Certificate granted in favour of the respondent - Malti

Bhargava has been stayed in a proceedings preferred by the appellant before the

Succession Court by ACJ/CCJ/ARC-(SE), Saket Court, New Delhi. However, we

find that the stay of Succession Certificate has been passed subsequent to the

impugned order dated 9th May, 2017 in C.P. No. 123/ND/2016.

4. In the facts and circumstances of the case and in view of the subsequent

development while we are not inclined to interfere with the impugned order, at

present on the ground that the Succession Certificate has been stayed by the

High Court grant liberty to the appellant, to file appropriate petition before the

appropriate forum/court of law, if Succession Certificate is annulled by the

Court. In such case, the court of competent jurisdiction will consider the

application, if preferred by the appellant uninfluenced by the impugned order

dated 9th May, 2017 passed by the Tribunal in C.P. No. 123/ND/2016. 4

5. The appeal stands disposed of. No cost.

[Justice S.J. Mukhopadhaya] Chairperson

[ Justice A.I.S. Cheema ] [ Balvinder Singh ] Member (Judicial) Member (Technical)

/ns/uk