# In the matter of Shashi Prakash Khemka (Dead) through LRs and Another Vs NEPC Micon (Now called NEPC India Ltd) and Others Civil Appeal Nos. 1965-1966 -2104

> SC judgment dated 2019-01-08. Citation: TCN-2019-SC-00101. The case involves a dispute over the transfer of shares, initially addressed by the Company Law…

- **Court:** SC
- **Order date:** 8 Jan 2019
- **Citation:** TCN-2019-SC-00101
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/supreme-court-of-india/shashi-prakash-khemka-dead-through-lrs-and-another-vs-nepc-micon-b31dc38c

## Summary

### Background

The case involves a dispute over the transfer of shares, initially addressed by the Company Law Board. An appeal to the Madras High Court reversed the Company Law Board's view, effectively leaving the appellants with a remedy of civil suit. The appellants contend that the issue of share transfer, whether rightly or wrongly done, needs adjudication by a competent forum, either a civil suit or the Company Law Board.

## Facts

Shashi Prakash Khemka (deceased) through legal representatives, filed an appeal against NEPC Micon (now called NEPC India Ltd.) and others. The dispute concerns the transfer of shares. The Company Law Board initially addressed the matter, but the Madras High Court reversed its decision, leading the appellants to pursue a civil suit. The appellants argue that the share transfer issue requires adjudication. The Supreme Court considered the impact of amendments to the Companies Act, particularly Section 430, which limits civil court jurisdiction in matters under the NCLT's purview. The cause of action arose before the enactment of these amendments. The appellants were granted permission to file a fresh petition before the NCLT within two months.

## Issues and analysis

### Issue 1: Whether the issue raised by the appellants qua the transfer of shares, whether done rightly or …

**Ratio:** The ratio is that the jurisdiction to adjudicate on matters related to the transfer of

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**Reasoning:** The court reasoned that subsequent legal developments, particularly the enactment of

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**Interpretation:** The interpretation is that the Companies Act, as amended, prioritizes the

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**Application:** The court applied this ratio by determining that the appropriate forum for the

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## Parties

- **Judges:** L. Nageswa…; SANJAY KISH…
- **Appellants:** Shashi Prakash…
- **Respondents:** NEPC M…

## Timeline

- **2007-01-01 — Inception of Special…**: The special leave petition…
- **2019-01-08 — Final Or…**: The Supreme Court allowed the appeals to the extent of relegating the appellants to…

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