Francisca SaldanhaversusTHE CUSTODIAN and Ors.

            Digitally signed
SWAROOP by SWAROOP
        SHARAD
SHARAD PHADKE
PHADKE Date: 2026.06.23
            11:54:59 +0530                                            8 spma 23 of 2025.doc

                                     IN THE SPECIAL COURT
                        (TRIAL OF OFFENCES RELATING TO TRANSACTIONS
                                    IN SECURITIES) ACT, 1992

                                MISC. APPLICATION NO.23 OF 2025

 Wilfred Lawrence Saldanha (deceased)
 and
 Mrs. Francisca Saldanha                                 …       Applicant
       versus
 The Custodian and Ors.                                  …       Respondents

 Ms. Vatsala Toprani, appointed Advocate for Applicant.
 Mrs. Francisca Saldanha, Applicant present.
 Mr. Gandhar Raikar with Ms. Shilpa Bhate (through VC) with Ms. Payal
 Mehta, for Custodian.
 Mr. Siddhant Marathe i/by Shardul Amarchand Mangaldas and Co., for
 Respondent No.2.
 Mr. Ashwin Mehta, for Notified party.

                               CORAM:   N.J.JAMADAR, J.
                                        JUDGE, SPECIAL COURT

                               DATE :   19 JUNE 2026

 P.C.

 1.          This is an application for certification of 25 shares of Apollo Tyres Ltd.

 (R2), having Certificate No.1240572, Distinctive Nos.10132051 to 10132075,

 under Folio No.W13004 (the subject shares).

 2.          The Applicant alongwith her husband Wilfred claimed to have jointly

 applied to Apollo Tyres Ltd. (R2) for allotment of debentures and the

 transactions were effected through banking channels. Eventually, the ATL

 (R2) converted the debentures into the shares.                 The Applicant and her



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husband thus acquired total 250 shares of ATL (R2). Wilfred, the husband of

the applicant, passed away on 25 July 2003.            Thereupon, the applicant

requested the Company to delete the name of Wilfred from the share

certificate and also de-materialize the shares in the name of the applicant. At

that time, the applicant was informed that the subject 25 shares were tainted.

3.    Pursuant to a public notice dated 31 January 2025, published by the

Custodian in pursuance of the directions of this Court in Misc. Application

No.39 of 2018 dated 14 June 2024, the Applicant has preferred this

Application to lift the attachment over the subject shares and to release / pay

all the accruals / accretions and dividend thereon.

4.    The Custodian has filed a certification report. It is, inter alia, contended

that the applicant has submitted the original share certificate.               The

requirement to produce the documents like, contract note, bill / receipt of

broker and proof of delivery in stock exchange, is not applicable as the

applicant had initially purchased the debentures from ATL (R2), which were

later on converted into the subject shares. However, the non-availability of

the proof of payment was sought to be commented upon. Likewise, the delay

in preferring the application for certification was also arrayed against the

Applicant.

5.    As the application was filed by the applicant in person, this Court had

requested Ms. Vatsala Toprani to espouse the cause of the Applicant.


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6.    I have heard Ms. Toprani, learned Counsel for the Applicant, Mr.

Gandhar Raikar, learned Counsel for the Custodian and Mr. Ashwin Mehta,

learned Counsel for the Notified Party.

7.    Perused the material on record. The documents placed on record by

the applicant lend support to the claim of the applicant. Subscription to and

allotment of, the debentures and the subsequent allotment of the shares are

evidenced by the contemporaneous documents. The subject shares were

jointly allotted in the name of the Applicant and her deceased husband

Wilfred. It was in the year 2004, ATL (R2) informed the applicant, in response

to the request for transfer of shares that, in respect of the subject shares there

was a restraint on transfer / de-materialization. The letter dated 19 February

2004 evidences the said fact.      The said communication substantiates the

claim of the Applicant.

8.    In the light of the aforesaid documents, Ms. Toprani would urge, the

objection on behalf of the Custodian regarding the absence of proof of

payment, does not merit consideration.

9.    The submission appears well founded. Since the shares were initially

allotted to the applicant upon conversion of the debentures, independent

proof of payment cannot be insisted upon.

10.   Mr. Raikar, learned Counsel for the Custodian, fairly submitted that the

documents on record do indicate that the applicant is a bonafide holder of the


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subject shares.

11.   Mr. Mehta, learned Counsel for the Notified Party, also fairly submitted

that, having regard to the small quantity of shares, and, in the facts of the

case, without prejudice to the rights and contentions of the Notified Party to

oppose the prayer for certification in other cases, the Notified Party does not

object to the certification of the shares in this case.

12.   As the claim of the applicant finds overwhelming support in the

documents, which appear to be of unimpeachable character, the Application

deserves to be allowed.

13.   Hence, the following order :

                                            ORDER

      (i)     The Misc. Application stands allowed.

      (ii)    The prayer for certification of 25 shares of Apollo Tyres Ltd. (R2),

having Certificate No.1240572, Distinctive Nos.10132051 to 10132075 under

Folio No.W13004, stands allowed.

      (iii)   The Custodian (R1) shall take necessary steps to transfer the

subject 25 shares along with all accruals and dividends, as indicated in

paragraph No.10 of the Certification Report, in favour of the Applicant, within

a period of eight weeks from today.

              (iv)   The Misc. Application stands disposed.

                                                            ( N.J.JAMADAR, J. )

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