ORDER SHEET

IN THE HIGH COURT OF SINDH, KARACHI

J.M No. 40 of 2011

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Date                         Order with signature of Judge

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For hearing of main petition

12.08.2015

Mr. Omer Akhund advocate for petitioner

Mr. Salman Asghar Shaikh advocate for Respondent.

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          Mr. Omer Akhund advocate has filed vakalatnama for the petitioner and Mr. Salman Asghar Shaikh advocate has filed vakalatnama for the Respondent, which are taken on record.

2.      This petition is brought under Section 152 of the Companies Ordinance, 1984 for the declaration that the petitioner is purchaser of 1500 share of Indus Motors with further declaration that transfer deed executed by the sellers in favour of the petitioner conferred the valid title of share. The directions have also been sought against the Respondent to rectify the record by entering the name of the petitioner as lawful owner of 1500 share of the Indus Motors bearing numbers 28753-28757, 29093-29097 and 29798-29802.

3.      The brief facts of the case are that the petitioner purchased 3500 share of Indus Motors from seven different sellers in the year 1992 against valuable consideration. The transfer deeds were signed in his favour and original share certificates were also delivered. The Respondent is engaged in providing specialized service relating to corporate sector and acts as share transfer agent for number of companies including Indus Motors Company Ltd,. A formal request was made to the Respondent for registration of share of the petitioner but vide letter dated 31.05.2007, they informed the petitioner that his request to the extent of 2000 share certificate has been approved but remaining 1500 share acquired from the sellers Mohammad Akram, Ali Aksar and Samina Shokat was refused due to non matching of signatures of the sellers on transfer deeds.

4.      At present, the dispute is between the petitioner and the Respondent. According to learned counsel for the petitioner, there is no dispute with the actual sellers who have not come forward for claiming any adverse title against the petitioner nor lodged any such claim either with the S.E.C.P or with the Respondent which statement has been confirmed by the learned counsel for the Respondent.

5.      During pendency of this petition, the parties have tried to resolve the issue and now the petitioner’s counsel has submitted a statement dated 18.03.2015 on which the learned counsel for the Respondent has also endorsed his no objection. By consent this petition is disposed of in the following terms:-

1.The Nazir of this Court may issue notices to the original sellers of share i.e Mohammad Akram, Ali Aqsar and Mst. Samina Shokat at their last available addresses in U.A.E. The last known address of Mohammad Akram was P.O Box 300, Sharjah U.A.E, the address of Ali Aqsar was P.O Box 300 Ajman U.A.E and the address of Mst. Samina Shokat was P.O Box 300 Sharjah U.A.E.

2.If no response is received by the Nazir within three weeks from the said sellers, the Respondent shall transfer the share certificate i.e 28753-28757, 29093-29097, 29798-29802 (1500 shares in total) of Indus Motors Company Ltd. in the name of the petitioner. The petitioner through his present Attorney would furnish an indemnity bond to protect the Respondent from any adverse claim by the sellers in future.

3.The Court has fixed the Nazir fee at Rs.10,000/- (rupees ten thousand) which would be paid by the petitioner. The fate of the notice may be communicated by the Nazir to the Respondent after three week. 

                                                                   JUDGE    

Aadil Arab