Morgan Securities and Credits Private Limited Vs B P L Limited

MORGAN SECURITIES AND CREDITS PRIVATE LIMITED A COMPANY INCORPORATED UNDER THE COMPANIES ACT, 1956 HAVING OFFICE AT 53, FRIENDS COLONY (EAST) NEW DELHI REPRESENTED BY ITS AUTHORIZED SIGNATORY MR. M.K. JAIN

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...COMPLAINANT

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(BY SRI. ABHISHEK PURI, ADVOCATE)

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AND:

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1 . BPL LIMITED

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DYNAMIC HOUSE No.64 CHURCH GATE BENGALURU-560 001 REPRESENTED BY ITS MANAGING DIRECTOR MR. AJIT GOPAL NAMBIAR

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2 . MR. AJIT GOPAL NAMBIAR

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CHAIRMAN AND MANAGING DIRECTOR OF BPL LIMITED

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ALSO CHAIRMAN AND DIRECTOR OF BPL MEDICAL TECHNOLOGIES PVT. LTD. 10/3, CUNNINGHAM CRESCENT ROAD

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CUNNINGHAM ROAD CROSS BENGALURU-560 001

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ALSO AT: DYNAMIC HOUSE No.64 CHURCH GATE BENGALURU-560 001

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3 . MS. ANJU CHANDRASEKHAR DIRECTOR OF BPL LIMITED ALSO DIRECTOR OF BPL MEDICAL TECHNOLOGIES PVT. LTD. 408, 2^ND A CROSS, 8^TH MAIN 3^RD BLOCK, KORAMANGALA BENGALURU SOUTH BENGALURU-560 034 ALSO AT: DYNAMIC HOUSE No.64 CHURCH GATE BENGALURU-560 001

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4 . BPL MEDICAL TECHNOLOGIES PVT. LTD. 11^TH KM, ARAKERE BANNERGHATTA ROAD BENGALURU-560 076 REPRESENTED BY ITS DIRECTOR SUNIL KHURANA

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5 . SUNIL KHURANA MANAGING DIRECTOR BPL MEDICAL TECHNOLOGIES PVT. LTD. 11^TH KM, ARAKERE BANNERGHATTA ROAD BENGALURU-560 076 ALSO AT: 509, A4 THUNGABHADRA N.G.V. KORAMANGALA BENGALURU-560 047

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6 . AJAY JINDAL

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CFO OF BPL MEDICAL TECHNOLOGIES PVT. LTD. 11^TH KM, ARAKERE BANNERGHATTA ROAD BENGALURU-560 076

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7 . RIDHI CHOUDHARY NOMINEE DIRECTOR BPL MEDICAL TECHNOLOGIES PVT. LTD. 11^TH KM, ARAKERE BANNERGHATTA ROAD BENGALURU-560 076 ALSO AT: 4203, LODHA PRIMERO N.M. JOSHI MARG MAHALAKSHMI, MUMBAI-400 013

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8 . SHASHANK NOMINEE DIRECTOR BPL MEDICAL TECHNOLOGIES PVT. LTD. 1701, B WING, ELISIUM LODHA NEW CUFFE PARADE, WADALA MUMBAI-400 037

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ACCUSED

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(BY * SRI. DHYAN CHINNAPPA, SENIOR ADVOCATE FOR SRI. PERIKAL K. ARJUN, ADVOCATE FOR A1 TO A3; * SRI. AJAY J. NANDALIKE, ADVOCATE FOR A4 TO A6; SRI. MOAMMED SHAMEER, ADVOCATE FOR A7 & A8)

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THIS CCC IS FILED UNDER SECTIONS 12(b), 10 AND 12 OF THE CONTEMPT OF COURTS ACT, 1971, BY THE COMPLAINANT, WHERE IN HE PRAYS TO INITIATE CONTEMPT OF COURTS PROCEEDINGS AGAINST THE RESPONDENTS AND PUNISH THEM UNDER THE PROVISIONS OF THE CONTEMPT OF COURTS ACT, 1971 FOR DISOBEYING THE ORDER DATED 20.02.2020 PASSED BY THE CITY CIVIL COURT IN EX. PETITION No.4621/2018 AND ETC.

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THIS CCC HAVING BEEN HEARD AND RESERVED FOR JUDGMENT ON 16.10.2025 AND COMING ON FOR PRONOUNCEMENT OF JUDGMENT THIS DAY, ANU SIVARAMAN J., PRONOUNCED THE FOLLOWING:

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CORAM: HON'BLE MRS. JUSTICE ANU SIVARAMAN and HON'BLE MR. JUSTICE VIJAYKUMAR A. PATIL

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Corrected/deleted and retyped vide Court Order dated 04.12.2025

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CAV JUDGMENT

(PER: HON'BLE MRS. JUSTICE ANU SIVARAMAN)

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This Contempt of Court Case is filed alleging noncompliance of the directions issued by the XXXV Additional City Civil and Sessions Judge, Bengaluru (CCH-36) ('Executing Court' for short) in Execution Petition No.4621/2018 dated 20.02.2020. There is a further prayer that accused No.1 to 3 be directed to purge the contempt by depositing the dividends received from accused No.4 in willful disregard of the order dated 20.02.2020.

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We have heard Shri. Abhishek Puri, learned counsel appearing for the complainant, Shri. Dhyan Chinnappa, learned Senior Counsel as instructed by * Shri. Perikal K. Arjun , learned Advocate appearing for accused persons No.* 1 to 3, Shri. Ajay J Nandalike, learned counsel appearing for accused persons No.* 4 to 6 and Shri. Mohammed Shameer, learned counsel appearing for accused persons No. 7 and 8.

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Corrected/deleted and retyped vide Court Order dated 04.12.2025

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The prayer in I.A.No.3 was (a) to attach Rs.2,10,50,000/- shares of M/s. BPL Medical Technologies Private Limited held by M/s. BPL Limited and to prohibit the Judgment Debtor - M/s. BPL Limited from transferring the shares or receiving any dividends thereon. (b) direct the original title deeds deposited with sole arbitrator in respect of the properties detailed in paragraph No.3 of the present application be deposited with this Court and (c) restrain the judgment debtor/accused No.1 from selling, alienating, encumbering any of their movable and immovable assets located in Bengaluru.

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The Executing Court allowed I.A.No.3 and had answered the prayers in favour of the decree holder - Morgan Securities and Credits Private Limited in the affirmative.

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It is submitted by the learned counsel appearing for the complainant that the directions have not been complied with and that dividend amounting to Rs.10,31,45,000/- for the financial year 2021-2022 and

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Rs.8,42,00,000/- for the financial year 2022-2023 have been paid by accused No.4 to accused No.1 in violation of the directions issued by the Executing Court in Execution Petition No.4621/2018 vide order dated 20.02.2020.

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Affidavits have been filed on behalf of respondent No.6 and respondents No.4 and 5, dated 05.08.2025. It is submitted by the learned senior counsel appearing for respondents/accused No.4 to 6 that the allegation of the complainant is, despite the order, two interim dividends totaling Rs.10,31,00,000/- were declared and paid by respondent No.4 to respondent No.1 in the financial year 2021-2022 and a sum of Rs.8,42,00,000/- for the financial year 2022-2023.

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It is further submitted that an amount of

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Rs.27,88,00,000/- * was directed to be deposited by accused No.1 before the Executing Court pursuant to an order dated 27.06.2025 in I.A.No.19. It is further stated at paragraph No.7 of the Memo seeking Closure of Proceedings, which reads as follows:-

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Corrected/deleted and retyped vide Court Order dated 04.12.2025

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"7. Pursuant to the above order, on 08.09.2025 the Complainant filed an application in the SLP seeking (i) vacating of the interim order of stay granted in the SLP; or in the alternative (ii) deposit of Rs.96 Crores by the Accused No. 1 before the Hon'ble Supreme Court. A copy of the application dated 08.09.2025 (without annexures) filed by the Complainant in the SLP is produced herewith as Annexure R-4. It is pertinent to note that as per the said application, Rs.27.88 Crores out of the said Rs.96 Crores sought is with regard to the dividends received by the Accused No.1 from the Accused No.4, which is also the relief in the present complaint and IA No.19."

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8. As such, it can be concluded that as on date, the Complainant has agitated a claim for Rs.27.88 Crores before 3 different fora being this Hon'ble Court in the present complaint, before the Ld. Executing Court in I.A.No.19 and even before the Hon'ble Supreme Court by way of application dated 08.09.2025 in the SLP."

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It is further submitted that a sum of Rs.96,00,00,000/- has been deposited by accused No.1, without prejudice to its contentions on merits, before the Registry of the Apex Court. The copies of demand drafts are also placed on record. It is submitted that since the disputed amounts are already in deposit, there is no further cause to continue these proceedings.

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The learned counsel appearing for the

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complainant, however, submits that, the deposit of the amounts as stated by the accused does not purge the contempt and that the entire amounts, drawn in violation of the order have to be re-deposited. It is therefore contended that the proceedings should be continued. However, having considered the contentions advanced and in view of the submission made that an amount of Rs.27,88,00,000/- has been deposited by accused before the Executing Court and an amount of Rs.96,00,00,000/- has been deposited before the Apex Court pursuant to the orders in the SLP, we are of the opinion that, this Contempt of Court Case need not be proceeded with further.

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The Contempt of Court is accordingly closed , without prejudice to the contentions of the parties and their rights to seek appropriate orders in the pending proceedings.

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All pending interlocutory applications shall stand dismissed.

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Sd/(ANU SIVARAMAN) JUDGE

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Sd/(VIJAYKUMAR A. PATIL) JUDGE

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