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2021 (8) TMI 1275 - DELHI HIGH COURTSeeking direction to transfer to the Petitioner 11 % of the equity capital of the Respondent No. 5 - seeking directions to transfer, order or direct the Respondent No. 1 to 4 to pledge their entire equity holding in Respondent No. 5 to the Petitioner - seeking restraint on Respondents No. I to 4 from transferring, alienating, disposing, or in any manner dissipating the equity capital of RSIL held by them to the extent of an aggregate 11 % and/or in any manner dealing with such shares - seeking direction to Respondents No. I to 4 to get 11 % of the equity capital of RSIL (from among RSIL's shares held by them), released from the pledge to the lenders by paying off the requisite debt. HELD THAT:- Mr Chandhiok, learned Senior Counsel appearing for respondent nos. 1 to 4 states that the claims raised by the petitioner and the contentions advanced on its behalf are seriously disputed. He states that the respondent no.1 neither accepts that there is any agreement to refer the subject disputes to arbitration nor do respondent nos. 1 to 4 acknowledge that they have any obligation to transfer or otherwise make available shares of respondent no.5 to the petitioner. He, however, fairly states that notwithstanding the objections, the respondent nos. 1 to 4 will continue to hold majority shares in respondent no.5 for at least a period of 90 (ninety) days from today and will not further encumber the same during the said period - The respondent nos. 1 to 4 are bound down to the statements made on their behalf. Application disposed off.
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