CA 79/2015 in CP 108 (ND)/2014. Case: Priya Jain Vs Laguna Holdings Pvt. Ltd. and Ors.. Company Law Board

Case NumberCA 79/2015 in CP 108 (ND)/2014
CounselFor Appellant: Virender Ganda, Sr. Advocate, Vipul Ganda, S.K. Giri, Shelley Khanna and Tarun Mehta, Advocates and For Respondents: Rajiv Bahl, Advocate
JudgesB.S.V. Prakash Kumar, Member (J)
IssueCompany Law
Judgement DateSeptember 23, 2015
CourtCompany Law Board

Order:

B.S.V. Prakash Kumar, Member (J), (New Delhi Bench)

  1. The applicant filed this CA for impleadment of Ms. Priya Jain, as R5 in the Company Petition and also to permit her to file counter-affidavit to oppose illegal and malafide Petition and also to oppose passing such other or further orders to which the Applicant is also entitled to.

  2. Before going into merits of this case, I must say what this company petition is.

  3. R1 Company was incorporated with two groups as shareholders, one group is a family headed by DK Jain and another is headed by Mr. Sushil Gupta each holding fifty percent shares in the company. After demise of DK Jain on 18.3.2014, the differences have crept into Jain family resulting into family members filing various legal proceedings against each other before various forums fighting for properties DK Jain left behind. Late Shri D.K. Jain has three daughters and one son, his elder daughter Mrs. Payal Kapoor was married off, as to remaining three, they have not yet been married. Late DK Jain family has many companies and properties. It appears that Applicant herein, Ms. Priya Jain was continuing as nominee director on behalf of DK Jain group as long as he was alive. In the life time of DK Jain itself, Jain group and Gupta group were not amicable to each other. By virtue of internal differences in Jain family, late DK Jain wife, Mrs. Usha Jain and one of her daughters Ms. Puja Jain have been running their family businesses. The differences in the family led the petitioners file CA for removal of the applicant Ms. Priya Jain as nominee director on the ground Ms. Priya had been acting against the interest of the family, on which, this Bench passed an order on 18.12.2014 suspending her as nominee director on behalf of DK Jain group. For this applicant having felt aggrieved of that order, this Applicant has filed this application for impleadment of her as R5 in the CP on the ground the petitioners filed illegal and malafide petition against the Respondents.

  4. The applicant herein says that she is continuing as an Executive Director in R1 company on DK Jain group behalf for the last 10 years, but ignoring this fact, P2, her mother, on 18.12.2014, obtained an order of suspension of her directorship in the company on the ground she is not working for the cause of the petitioners group and not cooperating with the petitioners group who holds 50% shareholding in R1 Company. She submits that she had 50,000 equity shares of ` 10...

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