Allowed

M/S. Elder Pharmaceuticals Ltd. v. M/S. Apm Industries Ltd.

Bombay HC5 Apr 2016APP/162/2016

Case brief

AI extract

What is this about?

The High Court of Bombay, Bombay Bench dismissed multiple appeals filed by M/s.Elder Pharmaceuticals Ltd. as unconditionally withdrawn. An ad-interim order regarding the implementation of a prior stay was continued until 4th August 2016, but clarified that it does not preclude the Company Judge from acting on an application to appoint an investigating agency. No further extension of time was grant

What did the court decide?

Appeals dismissed as withdrawn; specific orders passed and stay periodicity defined.

M/S. Elder Pharmaceuticals Ltd. Vs M/S. Apm Industries… — Company and Corporate | Bombay HC (2016)

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APP.162.2016

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IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION

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APPEAL NO.162 OF 2016

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COMPANY PETITION NO.178 OF 2015

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M/s.Elder Pharmaceuticals Ltd. Appellant versus M/s.APM Industries Limited Respondent

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WITH APPEAL (L) NO.769 OF 2015

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M/s.Elder Pharmaceuticals Ltd. Appellant

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versus

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Tata Capital Financial Services Ltd. Respondent

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WITH APPEAL NO.238 OF 2016 IN

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COMPANY PETITION NO.961 OF 2014

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M/s.Elder Pharmaceuticals Ltd. Appellant versus

¶14

Mak Polyplast Respondent

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WITH APPEAL NO.180 OF 2016 IN

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COMPANY PETITION NO.768 OF 2015

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M/s.Elder Pharmaceuticals Ltd. Appellant

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versus

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M/s.Kamal Supers Limited Respondent

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WITH APPEAL NO.172 OF 2016 IN

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2 of 9 APP.162.2016

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COMPANY PETITION NO.312 OF 2015

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M/s.Elder Pharmaceuticals Ltd. Appellant

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versus M/s.Excelsior Business Link Ltd. Respondent

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WITH APPEAL NO.175 OF 2016 IN

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COMPANY PETITION NO.24 OF 2015

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M/s.Elder Pharmaceuticals Ltd. Appellant versus Rakesh Singh Respondent

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WITH

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APPEAL NO.160 OF 2016 IN

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COMPANY PETITION NO.19 OF 2015

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M/s.Elder Pharmaceuticals Ltd. Appellant

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versus

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F.C.Properties & Developers Pvt.Ltd. Respondent

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WITH APPEAL NO.161 OF 2016 IN

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COMPANY PETITION NO.19 OF 2015

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M/s.Elder Pharmaceuticals Ltd. Appellant versus

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Fairtex International

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Respondent

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WITH

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APPEAL NO.179 OF 2016 IN

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COMPANY PETITION NO.23 OF 2015

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APP.162.2016

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M/s.Elder Pharmaceuticals Ltd. versus

Pioneer Enterprises

Appellant

Respondent

WITH

APPEAL NO.165 OF 2016 IN COMPANY PETITION NO.976 OF 2014

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M/s.Elder Pharmaceuticals Ltd. Appellant

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versus

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RB Financial Services Pvt.Ltd.

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Respondent

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WITH APPEAL NO.294 OF 2015 IN

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COMPANY PETITION NO.961 OF 2014

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M/s.Elder Pharmaceuticals Ltd. Appellant

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versus

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Tata Capital Financial Services

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Respondent

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WITH

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APPEAL NO.164 OF 2016 IN COMPANY PETITION NO.16 OF 205

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M/s.Elder Pharmaceuticals Ltd. Appellant

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versus

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S.P.Shah HUF Respondent

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WITH

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APPEAL NO.181 OF 2016 IN

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COMPANY PETITION NO.25 OF 2015

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M/s.Elder Pharmaceuticals Ltd. Appellant versus Jyoti Sodhani Respondent

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APP.162.2016

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WITH APPEAL NO.177 OF 2016 IN

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COMPANY PETITION NO.235 OF 2015

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M/s.Elder Pharmaceuticals Ltd. Appellant versus

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Neville Maneck Gyara and another Respondents

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WITH APPEAL NO.167 OF 2016 IN

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COMPANY PETITION NO.776 OF 2014

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M/s.Elder Pharmaceuticals Ltd. Appellant

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versus

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Silver Quest (India) Pvt.Ltd. Respondent

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WITH

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APPEAL NO.170 OF 2016 IN

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COMPANY PETITION NO.136 OF 2016

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M/s.Elder Pharmaceuticals Ltd. Appellant versus MAK ampoules Pvt.Ltd. Respondent

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Respondent

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WITH

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APPEAL NO.171 OF 2016 IN

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COMPANY PETITION NO.42 OF 2015

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M/s.Elder Pharmaceuticals Ltd. versus Kaveri Impex Pvt.Ltd.

Appellant

Respondent

WITH

APPEAL NO.168 OF 2016

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APP.162.2016

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IN COMPANY PETITION NO.47 OF 2015

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M/s.Elder Pharmaceuticals Ltd. versus

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Appellant

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Sumit Resorts and Farms Pvt.Ltd. Respondent

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WITH APPEAL NO.178 OF 2016 IN COMPANY PETITION NO.26 OF 2015

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M/s.Elder Pharmaceuticals Ltd. Appellant versus Jagruti K. Bavishi Respondent

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WITH APPEAL NO.184 OF 2016 IN

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COMPANY PETITION NO.112 OF 2015

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M/s.Elder Pharmaceuticals Ltd.

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Appellant

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versus

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Western Logistics Pvt.Ltd.

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Respondent

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WITH

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APPEAL NO.183 OF 2016 IN COMPANY PETITION NO.177 OF 2015

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M/s.Elder Pharmaceuticals Ltd. Appellant versus

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M/s.Rajgarhia Leasing & Finance Service Ltd. Respondent

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WITH APPEAL NO.166 OF 2016 IN

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COMPANY PETITION NO.990 OF 2014

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Appellant

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6 of 9 APP.162.2016

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M/s.Elder Pharmaceuticals Ltd.

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versus

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Sunchan Finance Limited Respondent

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WITH APPEAL NO.182 OF 2016 IN COMPANY PETITION NO.20 OF 2015

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M/s.Elder Pharmaceuticals Ltd. Appellant

¶118

versus

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Ground Control Properties Pvt.Ltd. Respondent

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WITH APPEAL NO.176 OF 2016 IN

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COMPANY PETITION NO.21 OF 2015

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M/s.Elder Pharmaceuticals Ltd. Appellant

¶123

versus

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Kiran Properties LLP Respondent

¶125

Mr.Pankaj Sawant, Senior Advocate, with Mr.Ali Abbas Delhiwala, Ms.Tripty Kapadia, Ms.Nidhi Singh i/by Joy Legal Consultants for Appellant.

¶126

Mr.Aziz Khan with Mr.J.A.Choshi i/by Divya Shah Associates for Respondents in Appeal Nos.161/2016, 164/2016, 165/2016, 175/2016, 176/2016, 178/2016, 179/2016, 181/2016 and 182/2016.

¶127

Ms.Niyati J. i/by W.S.Kane & Co. for Respondent in Appeal No.294/2015.

¶128

Mr.S.U.Kamdar, Senior Advocate, with Mr.Simil Purohit and Mr.Tushar Kadam i/by MDP & Partners for Respondent in Appeal (L) No.769 of 2015.

¶129

Ms.Dipti Panda i/by Narayanan & Narayanan for Respondent in Appeal Nos.170/2016 and 238/2016. Mr.D.J.Kakalia with Mr.Vaibhav Sharma i/by M/s.Mulla & Mulla & CBC for Respondent in Appeal No.177/2016.

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7 of 9 APP.162.2016

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Mr.D.Banerji i/by Z.H.Zaidy for Respondent in App.184/2016. Mr.Kunal Chheda i/by M.V.Kini & Co. for Axis Fund in Appeal No.769/2016 and App.294/2015.

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CORAM : A.S.OKA AND P.D.NAIK, JJ.

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DATE : 05^th April 2016

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PC :

¶135

Appeal No.256 of 2014 is wrongly tagged with the entire group. The same shall be detached and fixed on 2nd May 2016. Appeal No.238 of 2016 is not on board. The same is taken on board.

¶136

Learned Senior Advocate appearing for the Appellant, on instructions of Mr.Alok Saxena, Managing Director of Elder Pharmaceuticals Limited, seeks permission to unconditionally withdraw these appeals. However, he prays that the ad-interim order granted in terms of clauses (ii) and (iii) of paragraph 5 of the order of earlier Division Bench dated 21st October 2015 be continued for a period of 90 working days expiring on 04th August 2016.

¶137

The last prayer made by the learned Senior Advocate for the Appellant is opposed by the learned counsel representing the Respondents.

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8 of 9 APP.162.2016

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Clause-(iii) of the said order records that there will be stay of further proceedings before the learned Single Judge. Though the request made by the learned Senior Advocate appearing for the Appellant deserves to be accepted, the proceedings of Company Application No.626 of 2015 filed in Company Petition No.768 of 2015 or proceedings of any other application for appointment of investigating agency, cannot be stayed and the said prayer will have to be considered by the learned Single Judge in accordance with law.

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Accordingly, we pass following order :

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(a) The appeals are dismissed as unconditionally withdrawn;

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(b) Clause-(ii) of paragraph 14 of the operative part of the impugned order dated 1st October 2015 shall not be implemented till 04th August 2016;

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(c) Clause-(iii) of the paragraph 5 of the order dated 21st October 2015 will continue to operate till 04th August 2016 with a clarification that this order will not prevent the learned Company Judge from dealing with the prayer made in Company Application No.626 of 2015 or any other company application confined to appointment of an investigating agency. The learned Company Judge shall deal with such prayer in accordance with law. All contentions of the parties in that behalf are kept open;

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9 of 9 APP.162.2016

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(d) We make it clear that no further extension shall be granted to the Appellant;

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(e) All pending Notice of Motions in above appeals do not survive and stand disposed of as such.

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(P.D.NAIK, J.)

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(A.S.OKA, J.)

¶149

MST

M/S. Elder Pharmaceuticals Ltd. v. M/S. Apm Industries Ltd.

Case brief

What is this about?

What did the court decide?

M/S. Elder Pharmaceuticals Ltd. v. M/S. Apm Industries Ltd.

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Parties & counsel

Coram

Case details

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