Disposed

M/S Trimurti Resort Pvt. Ltd. and Others v. Ravinder Singh Mehta and Others

Punjab & Haryana HC21 Mar 2013CAPP/7/2012

Case brief

AI extract

What is this about?

Appeal disposed of in terms with directions for the Company Law Board to determine shareholding, appoint an agency to evaluate share value, and offer buyout options to disputing shareholder groups within four months.

What did the court decide?

Directed Board to determine shareholding, appoint agency for valuation, and offer buyout options to groups within four months.

M/S Trimurti Resort Pvt. Ltd. and Others Vs Ravinder Singh Mehta and Others — Punjab & Haryana HC (2013) — LawSathi Research

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CAPP-7-2012 (O&M)

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Date of Decision: 21.03.2013

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M/s Trimurti Resort P. Ltd. & Ors. . . . . Appellants

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VS.

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Ravinder Singh Mehta & Ors. . . . . Respondents

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Present: Mr. Anand Chhibber, Senior Advocate with Mr. Vaibhav Sahni, Advocate for the appellants

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Mr. Divyanshu Mehta, Advocate for the respondents

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(1). This appeal is directed against the order dated 14.12.2011 passed in CP-20-2011 by the Company Law Board (in short, ‘the Board’). The aforesaid order has arisen out of the dispute between two sets of share-holders of the company who have been identified by the Board as “Mehta Group” and “Kalia & Jindal Group”.

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(2). During the course of hearing and on being persuaded by this Court, the parties are ad idem that this appeal can be disposed of in the following terms and subject to the directions issued below:-

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i. the Board shall give effect to its order dated 14.12.2011 and shall consequently determine the actual share-holding of each group in the Company;

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ii. the Board shall then appoint an agency to evaluate the share value of the Company. The Board may hire an authorized agency to evaluate the value shares with the consent of the parties, if possible or it shall be the choice of the Board;

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iii. after evaluation, the Board shall give option to Mehta Group to buy the shares of the other group(s) as per the said evaluation report and subject to the such terms and conditions which the Board may deem just, fair and equitable;

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iv. if the terms and conditions imposed by the Board are not acceptable to ‘Mehta Group’, the Board may give same option to ‘Kalia & Jindal Group’;

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v. the Board while completing this exercise shall be guided by settled principles and binding precedents and may make an endeavour to conclude the proceedings preferably within four months from the date of receipt of a certified copy of this order;

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vi. If there arises any issue regarding rights of the creditors, the Board shall determine the same in accordance with law.

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(3). The appeal stands disposed of in above terms.

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(4). Dasti .

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M/S Trimurti Resort Pvt. Ltd. and Others v. Ravinder Singh Mehta and Others

Case brief

What is this about?

What did the court decide?

M/S Trimurti Resort Pvt. Ltd. and Others v. Ravinder Singh Mehta and Others

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Statutes considered

Parties & counsel

Coram

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