Sanjib Banerjee, J.:— The Court : PLA No. 383 of 2000 is related to a Will of one Chiranjilal Jhunjhunwala, deceased. Upon the petition for grant of probate being opposed, PLA No. 383 of 2000 was renumbered as
Testamentary Suit No. 2 of 2002. The probate has been granted after contest.
The petitioner in GA No. 3155 of 2006 was the named executor in the Will of which probate has been granted by this Court. The petitioner says that under the Will a share in the Calcutta Stock Exchange Association Limited held by the deceased was bequeathed in favour of the petitioner and the petitioner, in accordance with the probated Will, applied for the transfer of the share in his name. It is the petitioner's further case that the Stock Exchange required the petitioner to comply with the rules and guidelines framed by the Securities and Exchange Board of India which has been constituted under the Securities and Exchange Board of India Act, 1992. The present petition has been made for a direction on the Stock Exchange to transfer the share standing in the name of the testator in favour of the petitioner without the petitioner being required to comply with the SEBI formalities. The petitioner says that the present petition has been made for the purpose of administering the estate of the testator.
There is an independent dispute between the petitioner, who upon the grant of probate is the beneficiary in respect of the Stock Exchange share, and the relevant Stock Exchange. Such dispute cannot be resolved in the probate proceedings in the garb of
attempting to administer the estate. The matters in issue following the Stock Exchange's refusal have to be assessed independently and notwithstanding the petitioner's entitlement upon probate of the Will having been granted.
GA No. 3155 of 2006 is dismissed as being not maintainable. It will be open to the petitioner to carry the grievance against the Stock Exchange before the appropriate forum
There will be no order as to costs.
Urgent certified photocopies of this order, if applied for, be supplied to the parties subject to compliance with all requisite formalities.
(SANJIB BANERJEE, J.)
bp.
A.R(C.R)