PEERLESS GENERAL FINANCE & INVESTMENT CO. LTD. versus PODDAR PROJECTS LTD. & ANR.

PEERLESS GENERAL FINANCE & INVESTMENT CO. LTD. versus PODDAR PROJECTS LTD. & ANR.

Registration of shares in the name of subsequent transferee cannot be considered until they are registered in the name of the original transferee; since shares were registered during pendency of the appeal, the appeal is rendered academic.

Source-derived case information.

Parties
Appellant: Peerless General Finance & Investment Co. Ltd.; Respondent No.1: Poddar Projects Ltd.; Respondent No.2: Vijaya Finance Corporation Ltd.
Jurisdiction
India
Judgment Date
13 February 2007
Procedural Posture
Civil Appeal / Supreme Court Disposal After Appeal From Calcutta High Court
Outcome
Appeal disposed of as infructuous (academic); questions left open for future decision.
Legal Topics
Transfer of Shares, Scheme of Arrangement, Registration of Shares
Company Law Transfer of Shares Scheme of Arrangement Registration of Shares

Source-derived case record

Summary, issues, holding and outcome

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Parties

Peerless General Finance & Investment Co. Ltd.

Appellant

Poddar Projects Ltd.

Respondent No.1

Vijaya Finance Corporation Ltd.

Respondent No.2

Procedural Posture

Civil Appeal / Supreme Court Disposal After Appeal From Calcutta High Court

Legal Issues

  1. 1 Whether shares can be registered in the name of subsequent transferee before registration in the name of original transferee
  2. 2 Whether execution of further transfer instrument under Sections 391 and 394 Companies Act is required for registration

Ratio Decidendi

Registration of shares in the name of subsequent transferee cannot be considered until they are registered in the name of the original transferee; since shares were registered during pendency of the appeal, the appeal is rendered academic.

Court Disposition

Appeal disposed of as infructuous (academic); questions left open for future decision.

Orders

  • No order as to costs