Titus Babu Vs Sintex Industries Limited (NCLAT Delhi)
Summary: The appeal was filed by Titus Babu under Section 421 of the Companies Act, 2013 against the order dated 06.03.2026 of the NCLT, Ahmedabad, which had dismissed his Company Appeal No. 31 of 2025 as not maintainable. Sintex Industries Limited (SIL) was the Corporate Debtor.
The Appellant claimed that he had purchased 1,35,000 equity shares of SIL between 31.10.2017 and 30.01.2023 through his demat account with Geojit Financial Services Limited. The shares were subsequently cancelled as part of the capital reduction implemented pursuant to the approved Resolution Plan. He contended that, although his shares had been cancelled, his status and statutory rights as a “Member” of SIL continued. He relied upon Sections 2(55), 59, 88, 378B and 378ZB of the Companies Act, 2013 and Rule 5(3) of the Companies (Management and Administration) Rules, 2014.
The Appellant stated that he had approached SIL, his Depository Participant, NSDL, NSE, RBI, SEBI SCORES, SMART ODR and the Share Samadhan Portal concerning cancellation of his shares. According to his submissions, these proceedings did not resolve his grievance. He thereafter approached the NCLT seeking, inter alia, compensation of Rs. 82.3 crore, interest at 10% per annum, issuance of fresh equity shares equivalent to the 1,35,000 extinguished shares, damages for mental suffering and a consolidated claim of approximately Rs. 110 crore.
