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2015 (10) TMI 2659 - HC - Indian LawsTemporary injunction - Restriction on transferability of the equity shares holding by the Opposite Party No. 1 under the said agreement - Held that:- The reasonable interpretation which can be assigned to a different sub Clauses under the assignment Clause is that the right to assign the rights under the agreement can be exercised by the investor subject, however, to signing the Deed of Adherence in the prescribed form. Sub Clause 28.3.1 of the assignment Clause put a fetter on the part of the company and the promoter to assign any right or obligation under the agreement without prior consent of the investor. Sub Clause 28.3.2, from its meaningful reading does not put any restrictions on the investor to assign any of their rights under the agreement to a third party but such assignment should be followed by a Deed of Adherence strictly in terms of Annexure 13.2 thereof. Sub Clause 28.3.3 is an additional Clause which permits the investor to assign its right under the said agreement to any of its affiliates in the same manner as indicated in a proceeding Clause. There is no quarrel to the proposition of law that the temporary injunction is passed in aid of the final relief. An application for injunction is considered and decided on a well recognized three parameters, namely, existence of prima-facie case, plans of convenience and inconvenience and irreparable loss and injury. It admits no ambiguity to say that if the Court lacks inherent jurisdiction the prayer for injunction can be refused as the said order shall be a nullity. Though several provisions of SICA is placed before this Court to demonstrate that the allegations contained in the plaint can very well be agitated before the BIFR and therefore the provisions contained under Section 26 of the SICA bars the jurisdiction of the Civil Court to determine such dispute it would be too early to accept such proposition and can be said with certainty that the Civil Court’s jurisdiction is completely ousted under the said provision. It is a settled law that the Court should read the plaint a whole and not in isolated manner. This Court, therefore, cannot accept the contention of the Opposite Party at this stage that the issues involved in the suit is squarely comes when the purview of SICA so as to apply the embargo created therein. Since this Court does not find the existence of a prima facie case having made out in application for temporary injunction in view of the findings recorded hereinabove, there is no infirmity and / or illegality in the impugned order by which an application for temporary injunction is rejected by this Trial Court.
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