Disposed

Kumar Mahesh Pattani and Anr. v. Zandu Pharmaceutical Work Ltd. and Anr. Mrs.Bhavani N.Mehta and Anr.

Bombay HC11 Aug 2005NMS/1147/2004

Case brief

AI extract

What is this about?

Court, by consent, appointed a Receiver to take possession of specified shares and movable/immovable properties. Receiver empowered to collect dividends and restrain parties from alienating assets pending final disposal of related petitions.

What did the court decide?

Appointment of Court Receiver over shares and properties; authorization to collect dividends and restrain alienation.

Kumar Mahesh Pattani and Anr. Vs Zandu Pharmaceutical… — Company and Corporate | Bombay HC (2005)

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 IN THE HIGH COURT OF JUDICATURE AT BOMBAY

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 O.O.C.J.

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 NOTICE OF MOTION NO. 1147 OF 2004

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IN

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 SUIT NO. 38 OF 2003

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IN

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 PETITION NO. 49 OF 2003

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 Mr. Kumar Mahesh Pattani
 and anr. .....Plffs.
 vs.

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 Mrs. Bhavani Narendra Mehta
 and anr. .....Defnds.
 AND

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 The Zandu Pharmaceutical Works

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 Ltd and anr. ....Respnds.

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 G. Desai with A. Jaiswal i/b. C.D. Patel for
 the plffs.

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 V.Y. Divekar for defendant no.1.

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 Ms. Meenaz Merchant i/b. S. Pise for defendant
 no.2

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CORAM: S.U. KAMDAR, J.

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DATE : 11TH AUGUST, 2005.

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P.C. :

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 1. By consent of the parties, the Court
 Receiver is appointed as Receiver in respect of

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 the shares which are mentioned in Schedule-I to
 the Trust Petition No.49 of 2003. In so far as
 4495 shares of Zandu Pharmaceuticals Works Ltd
 is concerned the Court Receiver before taking
 charge will make inquiries whether at any point
 of time the deceased was the holder of the said
 4495 shares either singly or jointly or any
 other person and if the deceased was the holder
 either singly or jointly then the receiver will
 take possession of the said shares alongwith
 other shares mentioned in the schedule-I to the
 said Trust Petition NO. 49 of 2003. In an
 event on inquiries if it is found that the
 deceased was never the holder of the said shares
 then the Receiver will not take charge and or
 possession of the said 4495 shares and the said
 shares shall abide by the final decision which
 may be passed in the pending proceedings at City
 Civil Court at Bombay.

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 2. Inrespect of other shares the Court Receiver
 will take authority, charge and possession of
 the said shares. The Receiver is empowered to

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 collect dividend, interest etc from various

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 companies and intimate the company that he has
 been appointed as Receiver of the said shares.
 The Receiver is further authorised to receive
 bonus shares which are issued from time to time
 by the company and in an event if there is any
 right issue by any of the company then in that
 event the Receiver will make necessary
 application, if the fund is available after
 giving notice to all the parties to the present
 proceedings. If fund is not available the
 Receiver can either call upon the parties to
 make funds available or seek appropriate
 directions from the court.

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 3. Inrespect of the movable properties
 which are covered by Schedule-I to the said
 Trust Petition No. 49 of 2003 the respective
 parties who are in use, occupation and
 possession of the said immovable properties are
 hereby restrained form alienating, encumbering
 or creating any third party rights or part with
 possession till the hearing and final disposal

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 of the petition. The party who is in respective
 possession will be bound to pay all the
 outgoings and statutory charges inrespect of the

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 said property from time to time as may be
 payable. The aforesaid order is passed by
 consent of the parties. Motion disposed off

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 accordingly. No order as to costs.

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 sd/-

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 *********

Kumar Mahesh Pattani and Anr. v. Zandu Pharmaceutical Work Ltd. and Anr. Mrs.Bhavani N.Mehta and Anr.

Case brief

What is this about?

What did the court decide?

Kumar Mahesh Pattani and Anr. v. Zandu Pharmaceutical Work Ltd. and Anr. Mrs.Bhavani N.Mehta and Anr.

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Parties & counsel

Coram

Case details

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