Home Case Index All Cases Companies Law Companies Law + HC Companies Law - 2008 (4) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2008 (4) TMI 506 - HIGH COURT OF DELHICompromise and arrangement - Held that:- On hearing the appellant in person, we find no merit in the appeal. The appellant and his mother objected to the scheme. The scheme was permitted to be proceeded with only on the claim of the appellant being satisfied. Such satisfaction arose on account of receipt of consideration agreed to be paid for the sale of shares for rupees eight lakhs. Thus, the right and interest of the appellant and his mother arising from the holding of shares stood extinguished in terms of the arrangement arrived at on November 28, 1983 and the consideration deposited in pursuance thereto and paid thereafter except the amount detained towards the estate duty liability. The appellant and his mother had specifically agreed that the scheme would remain in operation. As to whether the scheme has been properly implemented or not and what is the consequence thereof would be for the learned company judge to consider. However, the appellant has no role to play in the same and the only entitlement of the appellant left was about the claim of some interest on an unpaid amount of ₹ 50,000 detained for estate duty clearance in respect of shares inherited by the said two persons. The appellant is now claiming to raise stale issues to put impediments possibly arising from the appreciation of the real estate value of the plots which were agreed to be sold. Appeal dismissed.
|