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2015 (11) TMI 264 - Board - Companies LawGrant of development rights - Restraint order against a person who is not a shareholder of R1 company - creation of third party rights - Held that:- In this case the petitioners initiated this CP against the act of Respondents saying the conduct of R2 and others is oppressive, and this fact of creating third party rights to Magnum has come to their noticed only after disclosure come from the Respondents side, therefore it cannot be said it is hit by limitation. For having the petitioner alleged that the value of the property is no way close to the real value of the property, for having alleged that R2 caused it transferred to Magnum without notice to the petitioners, and there being an order from CLB that the petitioners are entitled to implead Magnum as party to the proceeding, this Application is maintainable. On seeing the company accounts, it is evident that there is no entry showing that the money of ₹ 9,51,00,000/- shown as consideration to the company property has not come into the accounts of the company, therefore, for time being it is to be understood that no money has come into the company showing it as consideration to Swami Samarth Property, For having this Bench already stated in the order dated 18th May, 2015 that R2 dealt with the affairs of R1 prejudicial to the interest of the petitioners, this Bench directs Magnum Landcon LLP not to alienate or create third party rights over the Swami Samarth Property and shall maintain status quo over the property pending disposal of the main Company Petition. The respondent side is directed to file reply to this application within 15 days hereof, rejoinder, If any, within 15 days thereafter.
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