http://JUDIS.NIC.IN SUPREME COURT OF INDIA Page 1 of 18
PETITIONER: MATHALONE
Vs.
RESPONDENT: BOMBAY LIFE ASSURANCE CO. LTD.PINGLE VENKAT RAMA REDDYV.SIR
DATE OF JUDGMENT: 19/05/1953
BENCH: MAHAJAN, MEHR CHAND BENCH: MAHAJAN, MEHR CHAND BOSE, VIVIAN JAGANNADHADAS, B.
CITATION: 1953 AIR 385 1954 SCR 117 CITATOR INFO : R 1959 SC 775 (10) RF 1981 SC1298 (137) R 1985 SC 520 (20) RF 1986 SC1370 (77,79)
ACT: Indian Companies Act (VII of 1913), s. 105-C-Transfer of shares-Transferee’s name not entered on register-Offer of new shares under s. 105-C-Transferor whether bound to acquire the new shares as trustee for transferee-Duties of transferor--Validity of requisition by transferee-Suit by transferee against transferor-Maintainability.
HEADNOTE: A, who held a certain number of shares in- a company, sold some of these shares to B on the 29th July, 1944, and executed blank transfer forms in respect of the shares. B made an application to the company for registration of his name, only on the 11th April, 1945, and his application was rejected. Meanwhile, in February, 1945, the company resolved to issue new shares and offered to A the number of shares to which he was entitled under the provisions of s. 105-C of the Indian Companies Act in respect of the shares which stood in the register in his name. A did not apply for the now shares pertaining to the s...