Vipul Plastic And Allied … vs Dda on 26 April, 2021

17. However, since 1978 the said family of Sh.Krishan Gopal Aggarwal
continues to be the majority shareholder having above 80% shares in the
petitioner Company. This aspect has not been denied anywhere by the
respondent. What has happened is that some miniscule shares have changed
hands after 1978 till 2015. The respondent has chosen to levy proportionate

Signature Not Verified
Digitally Signed
W.P.(C) 2993/2017 Page 9 of 18
Signing Date:26.04.2021
unearned increase on the shares that have changed hands after 1978. In my
opinion, the said act of the respondent is wholly illegal. If a lessee Company
were to transfer some miniscule portion of its shareholding say 5% or 10%
to a third party, it does not result in sale, transfer or assignment or parting
with possession of the plot in whole or in part whatsoever. The title holder
remains the lessee/the company itself. The management of the company
does not change with the said transfer of these miniscule shares as is evident
from the facts of this case. There is clearly no sale, transfer, assignment or
parting of possession of the land by the petitioner after 1978 to attract
unearned increase.

Source: Indian Kanoon

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