Marpol_Pvt_Ltd_CA_143_2010 - Company Law Board Mumbai Bench

14with whom the deponent is colluding and conniving, had informed allthat the applicant Trust cannot hold shares in any private limitedcompany and therefore the said shares have to be sold only to theHUFs of five sons of late Mr.Atmarama Poi Palondicar. TheRespondent No.3 had in fact calculated the share of each and valuethereof, which was paid and accepted by the Applicants Trust. Evenotherwise the present application is in the nature of rectification of theregister of the members of the company. The applicant therefore,should adopt the procedure prescribed under the Companies Act for thesame and cannot bypass the prescribed procedure.4. The respondents 8, 13, 15, 16 and 19 have filed their reply andhave taken the similar stand as taken by the respondents 6, 7 and 23.Therefore, the same is not brought in to avoid repetition of pleadingsexcept few paras. It is submitted that the applicant has not given theinspection of the documents as relied upon in the application. Theapplication is an abuse of process of law and the applicant has to fileappropriate/different proceedings before the Court of CompetentJurisdiction and not to file an application in the present petition.Admittedly the shares have been transferred to the five sons of late Mr.Atmarama Poi Palondicar in the year 2004 and the cause of actionarouse in 2004 and the applicant ought to have filed appropriateCA No.143 of 2010 in CP 72 of 2008M/s. Marpol Pvt. Ltd.14