PEERLESS GENERAL FINANCE & INVEST.CO.LTD vs PODDAR PROJECTS LTD.

The Supreme Court upheld the decision of the Calcutta High Court affirming the Company Law Board's order under Section 111A of the Companies Act, 1956, directing the appellant-company to register shares in favor of Poddar Projects Limited. The Court clarified that no further instrument of transfer was necessary for shares transferred under a scheme of arrangement sanctioned by the court, as per Sections 391 and 394 of the Companies Act. The appeal was dismissed as the appellant had complied with the registration order, and the rights of the subsequent transferee, Vijaya Finance Corporation Limited, were not recognized due to its failure to appeal the Company Law Board's decision.