NCLT Orders Rectification of Ambuja Cements Share Register Due to Fraudulent Transfer

Ambuja Cements Limited Vs Rajashree Sachin Kulkarni & Ors. (NCLT Ahmedabad) The National Company Law Tribunal (NCLT), Ahmedabad allowed an appeal under Section 59 of the Companies Act, 2013, directing the rectification of the Register of Members of Ambuja Cements Limited by restoring 21,000 equity shares to their original joint holders after finding that the transfer of shares to another person was unsupported and made without sufficient cause. The dispute related to 21,000 equity shares held jointly by the original owners under two folios. The original share certificates had been lost. In...