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2016 (2) TMI 447 - COMPANY LAW BOARD NEW DELHIAmalgamation - Scheme for the management and administration of BBPL - injunction - Held that:- The Board of Directors of 'BBPL' is superseded. Hon'ble Mr. Justice Permod Kohli and a former Chief Justice of Sikkim High Court is appointed as an Administrator of 'BBPL' company to look after its day to day affairs. The Administrator shall be provided with the office area in New Delhi befitting his Lordship's status by Respondent Nos. 1 & 2 and whole record of 'BBPL' be placed before him. The Learned Administrator may first explore the possibility of an amicable settlement by holding parleys between all parties and non-parties because they are all closely related. It is needless to say that the Administrator would associate Respondent No. 4 and 'BCDP' also while working out amicable settlement. The Administrator may exercise all powers of Board of Directors or Managing Director of 'BBPL' in conducting affairs of the company. All concerned shall assist the Learned Administrator. Further the Administrator may take all necessary steps to preserve and protect the properties of the 'BBPL' He may also depute counsels, if so desired, to defend litigation initiated by Petitioner No. 1 at the Bombay High Court and suit filed by 'BCDP' and Respondent No. 4 in City Civil Courts at Bangalore as well as in the High Court of Karnataka or any other litigation. The aforesaid course has been adopted as Petitioner No. 1 and Respondent No. 2 are not only real brothers but appears to be very close to each other at least in the past. With immediate effect Petitioners and Respondents are restrained from operating the bank accounts of 'BBPL'. The bank account shall be operated only by the learned Administrator and none else. Any cash in hand with the Petitioners and/or Respondents belonging to BBPL be deposited with Ld. Administrator within one week from today. The Learned Administrator shall be entitled to remuneration which may be fixed by his Lordship himself. The meetings of the Board of Directors dated 22.02.2011 and 09.08.2014 along with resolutions passed therein are suspended at this stage instead of declaring them invalid. Likewise JDA dated 29.03.2011, Rectification Deed dated 15.04.2011 and GPA dated 29.03.2011 are also suspended instead of declaring them invalid. The Ld. Administrator may at his discretion submit a report with regard to the affairs of the company and progress made concerning amicable settlement.
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