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S.BALASUBRAMANIAN, A.K.DOSHI
Master Gautam R. Padival – Appellant
Versus
Karnataka Theatres Ltd. – Respondent
Balasubramanian - A short, but important question that has arisen in this petition for determination, is, whether the name of a minor who has obtained shares by transfer, could be entered in the register of members of a Company or not.
2. The facts leading to this question are: the father of the petitioner purchased two shares of the company and lodged the same along with the transfer instrument to the company for registration of transfer in the names of Master Gautam R. Padival (minor) represented by Father and Natural Guardian Shri M. Ratnavarma Padival, jointly with Mrs. Aruna Padival (mother). The Board of Directors of the company refused to register the shares as sought for on the ground that one Mr. Madava Rao, advocate had given a legal opinion against the registration. Along with the letter of refusal, the opinion given by Shri Madav Rao was also enclosed. According to this opinion, since section 41 of the Companies Act, 1956 (‘the Act’) stipulates that every person desiring to become a member has to agree in writing and since a minor is not capable of entering into such an agreement, the shares cannot be registered in the name of the minor. The opinion further indicate
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