Sunil Kumar Jalan Vs Chandra Kumar Kanoria And Ors (Calcutta High Court)
The Calcutta High Court considered an appeal against an order dated September 12, 1996 by which the learned Single Judge had dismissed the appellant’s application seeking relief in relation to 560 shares of Lopchu Tea Company Limited and had also disposed of the application filed by defendant nos. 1 and 2 concerning the same shares. The appellant claimed to have purchased the 560 shares from the Administrator General of the State of West Bengal on July 22, 1997, lodged the share certificates for transfer on the same date, and later sought registration of the shares through the Joint Administrators appointed in the pending suit. The appellant contended that the issue of the 560 shares formed part of the suit because the Joint Administrators had referred to the proposed transfer in their report dated May 12, 1998 and because defendant nos. 1 and 2 had themselves sought relief regarding those shares in the suit. It was also submitted that proceedings under Sections 397 and 398 of the Companies Act, 1956 before the Company Law Board had been stayed by order dated October 28, 1999 and that an appeal under Section 10F had subsequently been dismissed.
