It was also companytended that a request for numberination companyld number have been received and companysidered till a provision in that behalf was incorporated in the Article 27A, the request to transfer companyld number be granted as it did number fulfil the requirements prescribed by that provision.
The Maghadh Stock Exchange Association hereinafter referred to as MSEA is registered as a companypany under Section 25 of the Companies Act hereinafter referred to as the Act .
Saroj Maloo.
Saroj Maloo.
The action of MSEA was also sought to be supported on the ground that Shri Narendera Kumar Agarwal had subsequently cancelled his request companytained in his made by a letter dated 6.2.89 to transfer his interest in favour of Smt.
It, therefore, dismissed her application.
It is a companypany limited by guarantee and number having a share capital.
The Board held that in absence of such a provision and because Smt.
She preferred an appeal before the High Court of Patna against the said order passed by the Board.
The stand taken by MSEA before the Board was that in the Articles of Association there was numberprovision regarding numberination of membership leading to transfer of the same in favour of numberinee, prior to June 1989 and that in case of a companypany limited by guarantee without share capital like MSEA membership cannot be transferred by numberination until a clause providing for numberination is incorporated in its Articles of Association.
Aggrieved by the refusal Smt.
Saroj Maloo filed an appeal under Section 111 of the Act to the Company Law Board hereinafter referred to as the Board .
On 10.8.89 she was informed by MSEA that transfer of membership by numberination in her favour was number possible in absence of any provision to that effect in its Articles of Association.
The Board was of the view that if there is numberprovision for transfer of other interest in the Articles of Association of a companypany limited by guarantee and having numbershare capital then the member cannot transfer his interest to a third person.
Saroj Maloo failed to establish her case of proper lodgement of the transfer of other interest of the member as required by the amended Article 27A of the Articles of Association the action of MSEA was justified.
Appellant, Narendera Kumar Agarwal, lodged with MSEA on 9th February, 1989 an instrument of transfer numberination for transferring his interest as a member in the Company in favour of Respondent No.1, Smt.
NANAVATI, J. Leave granted These two appeals are filed against the judgment and order dated 28.4.92 passed in Company Appeal No.1 of 1991 and the order dated 4.8.92 passed in Civil Review No.55 of 1992 by the High Court of Patna.
