Case: C.N. Ramesh and Ors. Vs Mars Therapeutics and Chemicals Ltd. and Ors. (No. 1). Company Law Board
| Judges | Lizamma Augustine, Member |
| Issue | Company Laws |
| Citation | [2010] 158 CC 8 (CLB) |
| Judgement Date | May 03, 2010 |
| Court | Company Law Board |
Order:
Lizamma Augustine, Member
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This is an application filed under Section 634A of the Companies Act, 1956 (hereinafter referred to as "the Act") by the applicants/petitioners herein in the matter of M/s. Mars Therapeutics and Chemicals Ltd. (hereinafter referred to as "the company") and others for enforcement of order dated June 30, 2008, passed in C. P. No. 33 of 2006 thereby directing the respondents to transfer the shares to the applicants' group in accordance with the direction given in the order dated June 30, 2008.
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The brief facts of the case are that the applicants/petitioners herein have filed a petition under Sections 397 and 398 of the Act alleging various acts of oppression and mismanagement in the affairs of the company. This Bench after hearing the elaborate arguments of the parties passed an order dated June 30, 2008, inter alia, directing the respondents/respondents herein to transfer certain shares to the applicants/petitioners and the said order reads as follows:
(i) Respondents Nos. 1 to 4 and their relative allottees shall transfer in favour of the petitioners, from and out of the shares allotted by the board of directors on June 5, 2006, in proportion to their original shareholdings, prior to the impugned allotments (the first petitioner group- 31-53 per cent., the second petitioner group-32.49 per cent. and the respondent group-35.99 per cent.) by delivery of the share certificates and blank instruments of transfer immediately on receipt of the sale consideration from the petitioners at the rate of Rs. 100 per share, to be remitted not later than August 31, 2008 and till such time rights of the transferors over the shares being transferred in terms of this order shall stand suspended.
Since the respondents/respondents failed to comply with the direction given in the order dated June 30, 2008, the present application has been filed to enforce the said order under Section 634A of the Act.
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Shri R. Murari, learned Counsel for the applicants/petitioners referred to the above order dated June 30, 2008 and submitted that the respondents/respondents deliberately did not comply with the direction given in the said order. He also submitted that on receipt of the said order, the applicants/petitioners immediately caused a letter dated July 25, 2008, before the expiry of time limit fixed by this Bench calling upon the respondents/respondents to comply with their part of the obligations. However, the company through its...
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