Hello Sir / Madam,
I have a query regarding share transfer of a listed Company. Person "A" filed a case under section 190 of CRPC and 56(4)(c) against the Company, CS and MD, for not transferring the shares as prescribed u/s 56(4)(c) of Companies Act 2013 in economic offence court also in civil court. The Section 56(6) only specifies the penalty to be levied in case of non compliance.
On the basis of above, I have following questions in my mind to understand the matter :
1) Civil Court has jurisdiction to try all suits of civil nature suits of which cognizance is either expressly or impliedly barred. In this case, there is no restriction, hence, he approached to civil court as he wants to enforce his right with the help of court which may direct the Company to transfer the shares. Is my understanding correct or some other order may be passed with respect to such case?
2) How Economic offence court comes into picture? Is this kind of cases come under the jurisdiction of such courts. Will the penalty as specified in Section 56(6) of CA 2013 be imposed by this court ? What other order this court can pass with respect to present case?
3) Can economic offence court issue bailable arrest warrants to CS/MD for this particular case, if yes, under what section of which Act as above section talks merely about financial penalty. There is no provision for imprisonment in the said section
4) How the order of economic offence can be challenged?
Seeking your expert and valuable advice on above issues. Kindly revert and oblige.