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2019 (1) TMI 1692 - NATIONAL COMPANY LAW TRIBUNAL, AHMEDABADRelease of interim payment deposited by the Respondent towards the share price conversation in the separate escrow account - restriction in the form of injunction upon the Respondent from transfer of shares of the Petitioner in view of exit offer made by the Respondent - HELD THAT:- It is pertinent to mention that during the pendency of IA 127 of 2018, whereby the petitioner has challenged the valuation report dated 25.01.2018 submitted by Deloitte and withdrawal purshis of original offer made under Section 236 of the Companies Act, the petitioner has filed the instant application in IA 389 of 2018 seeking direction upon the respondent (s) to release an amount of ₹ 5,95,00,000/-. On perusal of the record it is found that the said amount is deposited in the escrow account of the company vide order dated 19.07.2018 passed in IA No. 36 of 2018 in cp No. 69 of 2017 as an interim measure so as to protect the interest of applicants. Thus, if at this stage, without disposal and/or deciding IA 127/2018 and withdrawal purshis, any order is passed for disbursement of the amount of ₹ 5,95,00,000/- then, it will not only amount to miscarriage of justice but also amount to review of the order dated 19.07.2018 which is against established principle of law. On perusal of the report of the Independent Valuer, it is found that the independent valuer skipped abovesaid methodologies due to want of information and necessary records which said fact is also admitted in the affidavit in reply filed by the independent valuer. While applying CCM Methodology, the independent valuer has not justified as to why other methodologies are ignored as said above which includes NAV and DCF - it cannot be said that the valuation report is complete in all respects and free from irregularities. Application not maintainable.
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