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2013 (1) TMI 174 - Board - Companies LawGrant of ad interim injunction - Sections 111, 397, 398, 402 of the Companies Act, 1956 - Oppression and mismanagement - Discharge the financial liabilities - The respondent Nos. 2 & 3 have approached the petitioner and the respondent nos. 37 & 38 and proposed to purchase the entire shares of the company from the respondent Nos. 2 & 3 subject to condition that respondent nos. 37 & 38 will discharge the entire liability of the company - Petitioner enter into agreement for to paid a sum to the company which is inclusive of the consideration money for the purchase of 50% of shares Held that:- Since the share certificates stand transferred in their name and they, being 50% shareholder, are entitled to get the reliefs prayed for. Having failed to make payment in terms of the agreement within the stipulated period, the petitioner, failed to establish any prima facie case in its favour. Agreement entered into already stands expired due to efflux of time and due to non-compliance of its terms by the petitioner. Time was the essence of the contract/agreement which was not adhered to by the, petitioner themselves in this case, as such, the Agreement the basis of the petition, has no value in the eye of law. In favour of respondent Possession of the property - Held that:- Prima facie, it is not convincing that a party, who fails to make initial payments under the agreement, will be handed over the possession of the property. In addition to above, there is no endorsement in the agreement that the possession was delivered to the petitioner at the time of execution of the agreement Therefore, balance of convenience does not He in favour of the petitioner.
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