Home Case Index All Cases Companies Law Companies Law + Tri Companies Law - 2020 (2) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (2) TMI 1395 - Tri - Companies LawSeeking ad-interim injunction against the Respondents - case of applicant is that 7 acres of land purchased, if sold will cause huge loss to the Company and its shareholders, which could not be compensated in terms of money - HELD THAT:- It is an admitted factual position that 7 acres of land was registered in the name of the first Respondent Company vide Sale Deed No. 3543 dated 12.05.2006, with regard to which a Resolution has been passed by the Board of Directors of first respondent on 13.04.2019 giving authority to Vipul Limited and Karamchand Realtech Private Limited to deal with the land in any manner. The Board resolution is under challenge and the transaction is pertaining to the related party, which prima-facie is in violation of the provisions of Section 188 of the Companies Act, 2013 and in case 7 acres of land is sold by the Respondents during the pendency of Application filed under Section 8 of Arbitration Act, the Applicants/Petitioners will become remediless, which eventually will lead to multiplicity of the litigation. The Applicants/Petitioners have made a case prima-facie for grant of ad-interim injunction in relation to 7 acres of land, the balance of convenience is in favour of the Applicants/Petitioners and in case ad-interim injunction is not granted, till the outcome of the application filed under Section 8 of the Arbitration Act, by the Respondent, the first Respondent Company and its Shareholders will lose the property. Therefore, issuance of ad-interim injunction is necessary to protect the right of the Applicants/Petitioners, the Company, and its Shareholders, which will not cause prejudice to the respondents in any way. The Company Petition No. 94 of 2019 has been filed under Section 241 r/w 242 of the Companies Act, 2013, in which, the Respondents have filed an application under Section 8 of the Arbitration Act, for referring the matter to the Arbitrator, which is yet to be decided, However, under Section 242 (4) of the Companies Act, 2013, this Tribunal on application of any party to the proceedings is empowered to make any 'Interim Order' which it thinks fit for regulating the conduct of the Company's affairs upon such terms and conditions which appear to it to be just and equitable. The Respondents are restrained from dealing with 7 acres of land registered in the name of the first Respondent Company - application allowed.
|