Allowed

Mr.Harish Raghavan v. Mercado Online Private Ltd.

Madras HC25 Sept 2024CS/146/2014

Case brief

AI extract

What is this about?

The Court decreed a civil suit for damages and injunctions filed by shareholders/investors against the company and its director. The defendant was set ex parte, and upon perusing plaintiff evidence without rebuttal, the Court held that plaintiffs proved their case and decreed the suit as prayed.

What did the court decide?

Decree granted for compensation of Rs.3,00,00,000/-, mandatory injunction for source code/data, permanent injunction, repayment of specific sums with interest, payment of statutory dues, and costs.

Mr.Harish Raghavan Vs Mercado Online Private Ltd. — Company and Corporate | Madras HC (2024)

¶1

C.S No.146 of 2014

¶2

IN THE HIGH COURT OF JUDICATURE AT MADRAS

¶3

Date : 25.09.2024

¶4

CORAM:

¶5

THE HON`BLE MR.JUSTICE A.A.NAKKIRAN

¶6

C.S.No.146 of 2014

¶7

1.Harish Raghavan

¶8

2.Ramamoorthy Parameswaran

¶9

3.IP Investor LLC Having its registered office at 520 Pike Street Suite 985, Seattle, WA 98101 United States of America Represented by Power of Attorney Mrs.Lakshmi Raghavan No.47 (Old No.25) TTK Road Chennai-600 018.

¶10

... Plaintiffs

¶11

Vs.

¶12

1.Mercado Online Private Limited having its registered office at No.333, 6th Floor, Fountain Plaza Pantheon Road, Egmore, Chennai-600 008. 2.K.Vaitheeswaran

¶13

... Defendants

¶14

Prayer : Civil Suit filed under Order IV Rule 1 of O.S Rules, read with Order VII Rule 1 of CPC, praying for the following judgment and decree as against the defendants:

¶15

1/18

*Sl.No.*	*Exhibits*	*Date*	*Description of documents*
			Copy of the certificate of Incorporation Memorandum of
1	P1		Articles of Association of 1st defendant company.
2	P2		Ex.P2 is the copy of certificate of Foreign Inward Remittance for issue of shares of 3rdplaintiff.
3	P3		Copy of share certificate of 3rd plaintiff.
4	P4	20.09.2008	Copy of certificate of Foreign Inward Remittance from 3rd plaintiff for Issue of shares to P2
5	P5	06.11.2008	Copy of certificate of Foreign Inward Remittance for 3rd plaintiff for issue of shares to the 2nd defendant.
6	P6	10.03.2009	Copy of share certificate
7	P7	07.01.2011	Copy of Form 2 filed with the Registrar of Companies with Rectification letter and revised list of allottees
8	P8	02.08.2011	Copy of Form 2 filed with Registrar of Companies for allotment of shares
9			Copyof list of shareholders of 1st

*Sl.No.*	*Exhibits*	*Date*	*Description of documents*
	P9	30.09.2011	defendant for filing with the Registrar of Companies
10	P10	31.03.2012	Copy of 1st defendant's balance sheet for the financial year ended 31.03.2012.
11	P11		Copy of the Trial of Correspondence from the 2nd defendant to the plaintiffs 1 & 2 concerning Trent's Expression of Interest.
12	P12		Copy of the Trent's Expression of Interest
13	P13	25.04.2013	Copy of e-mail correspondence and demand for funds from the 2nd defendant.
14	P14		Copy of e-mail correspondence from the 2nd defendant to the plaintiffs concerning Trent's Expression of Interest
15	P15		Copy of e-mail correspondence from the 2nd defendant to the plaintiffs admittingreceipt and monies.
16	P16		Copy of e-mail correspondence from the 2nd defendant to the plaintiffs concerning non-payment of statutory dues.
17	P17	081213	Copy of 2nd defendant's letter of Resignation
18	P18		Copy of e-mail correspondence between the 2nd plaintiff and 2nd defendant among others, concerning sale of 1st defendant's assets to Trent.

*Sl.No.*	*Exhibits*	*Description of documents*
19	P19	Copy of the proof of transfer from ICICI Bank Limited, Chennai Branch certifying RTGS transfer from the 1st plaintiff's bank account to the 2nd defendant's bank account.
20	P20	Copy of proof of transfer from Kotak Mahindra Bank Limited, Chennai Branch certifying payments from the 2nd plaintiff bank account to the defendants 1 and 2 bank account as well aspayments made to creditor.
21	P21	Copy of proof of transfer from Andhra Bank, Chennai Branch certifying RTGS transfer from the 1st plaintiff's relatives bank account to the 2nd defendant's bank account.
22	P22	Copy of proof of transfer from Kotak Mahindra Bank Limited, Chennai Branch certifying payments from the 2nd plaintiff bank account to the defendants 1 and 2 bank account
23	P23	Copy of power of attorney executed by Mr.Harish Raghavan (1st plaintiff) in favour of Lakshmi Raghavan
24	P24	Copy of power of attorney executed by R.Parameswaran (2nd plaintiff) in favour of Lakshmi Raghavan
25	P25	Copy of power of attorney executed by M/s.IP Investor LLC (3rd plaintiff) in favour of Mrs.Lakshmi Raghavan

*Sl.No.*	*Exhibits*	*Date*	*Description of documents*
26	P26		Copy of letter from the Assistant Commissioner of Income Tax (TDS) for circle-18(1) Bangalore, concerning non-payment of TDS to the 1stplaintiff.
27	P27		Copy of letter from the Assistant Commissioner of Income Tax (TDS) for circle-18(1) Bangalore concerning non-payment of TDS to the 2nd plaintiff.

What is this about?

What did the court decide?

What is this about?

What did the court decide?

What the court decided

A compact analysis

S.Prema Vs G.Lakshmi

Muthulakshmi and Another Vs G.S.Ramasubramaniam and Another

Sheher banu (Died) Vs Rasheeda Beevi

Mrs.Murugammal and 5 others Vs M. Mani and 7 others

Mrs.Kamatchi Vs S.Chitra

Mr.R.L.Narasimhan Vs Mr.S.Ravichandran