TMI Blog2013 (2) TMI 366X X X X Extracts X X X X X X X X Extracts X X X X ..... ay it a like sum, the BKS Group owed nothing to the VKS Group. Therefore, having invited the order dated 18th October 2011 of the CLB on its application, and not questioning the said order, the BKS Group is estopped from challenging the order dated 16th September 2011 which has merged with the subsequent order dated 18th October 2011 of the CLB. As far as VKS Group is concerned, it is in a position where it has to pay nothing to the BKS Group as a result of the order dated 18th October 2011 which it has accepted. It has also thereby implicitly accepted that it owes the BKS Group Rs. 50 lakhs. It has thereby accepted that after adjustment of the said sum, the BKS Group owes the VKS Group nothing. Thus with the order dated 18th October 2011 of the CLB attaining finality, the challenge by both the VKS and BKS Groups to the impugned order dated 16th September 2011 of the CLB has been rendered infructuous. Both groups have accepted that neither owes the other anything after the order dated 18th October 2011 of the CLB. Consequently, there is no necessity for the Court to examine the correctness of the impugned order dated 16th September 2011 of the CLB. - Co. A.(SB) Nos. 77 & 81 of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... order the parties entered into a memorandum of family settlement ( MoFS ) dated 27th March 2009. It was agreed that the MoFS would come into effect from 5th January 2009 (effective date). The assets, shares, interest and business allocated to the BKS Group from the effective date were set out in Schedule-I. Likewise, the assets, shares, interest and business allocated to the VKS Group were set out in Schedule-II to the MoFS. Inter alia, it was agreed that Tinna Overseas Limited ( TOL ), Tinna Agro Ventures Limited ( TAVL ), and Pratham Road Technologies Ltd. ( PRTL ) would come to the share of the BKS Group whereas Tinna Finex Limited ( TFL ), Duraflex Services and Construction Technologies Limited ( Duraflex ), Vedanta Overseas Limited ( VOL ) came to the share of VKS Group. 4. Schedule-I to the MoFS set out the manner in which 100% of the shares held by TOL and Tinna Agro Industries Ltd. ( TAIL ) would be transferred to the VKS Group. It was stated that 100% of such TAIL Shareholding held by TOL shall be transferred by BKS Group in favour of: (i) Vijay Sekhri; and (ii) Anil Sekhri or their nominee (s); to be held by them equally i.e. 50% each of such TAIL Shareholding. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... llowing order on 14th July 2009: Heard on the application. It has been agreed by the Counsel that the Company would pay to the petitioners an amount of Rs. 2.5 Lacs each which has become due within a week alongwith a statement of expenditure incurred by the Company on behalf of the petitioners and that the petitioners will reimburse the same within a week of receipt of the arrears of the Rs. 2.5 Lacs each. The Company will continue to pay the said amount for another two months. I also direct that appointment the petitioners as whole time directors with remuneration should be decided by M/s Tinna Oil and Tinna Agro latest by 31.08.2009. 8. Thereafter salaries were paid by the BKS Group to the said two Directors for the months of July and August 2009. It is stated that the BKS Group however did not appoint the said two persons as full time Directors and also refused to pay them the salaries thereafter. It is further contended by the VKS Group that due to interference and pressure by the BKS Group as well as the ADM Group, the VKS Group was forced to sell their entire equity of 25% in TOCL and TAIL to ADM Group on 15th July 2011. With the said event, the liability of the BKS ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 11. The BKS Group is also aggrieved by the order of the CLB to the extent that it has required the BKS Group to pay VKS Group a sum of Rs.50 lakhs when according to the BKS Group nothing is owed to the VKS Group. In fact a sum of Rs. 50 lakhs is claimed as owing to the BKS Group by the VKS Group. It is pointed out that this was acknowledged by the CLB when it passed the following order on 18th October 2011 in an application filed by the BKS Group seeking clarification of the impugned order dated 16th September 2011: CA No. 527/11 mentioned. Respondents have not attended despite notice. Heard on CA No.527/11. It is hereby clarified that in Para 23 of CLB s order dated 16.9.2011 a direction is contained to the Bhupinder Sekhri Group to pay a lump sum amount of Rs. 50 lakhs, after adjusting the amounts due, to the Petitioner towards remuneration/salaries..... is intended to include adjustment of amounts receivable from the Petitioner in CP No.17(ND) 08 i.e. Rs. 50 lakhs payable by the Petitioners to the Respondents as contained in Para 8 at Page 3 of the CLB s order dated 22.12.2009 meaning thereby that no amounts remain actually payable to the Co. A.(SB) Nos. 77 81 of 2011 P ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Both the BKS and the VKS Groups appear to have accepted the said order as neither has challenged it. The order dated 16th September 2011 passed by the CLB should be held to have merged with the subsequent order dated 18th October 2011. The BKS Group at the stage of filing the application for clarification did not question the order dated 16th September 2011 to the extent it required them to pay the VKS Group Rs. 50 lakhs. The BKS Group only sought a clarification that in view of the liability of the VKS Group to pay it a like sum, the BKS Group owed nothing to the VKS Group. Therefore, having invited the order dated 18th October 2011 of the CLB on its application, and not questioning the said order, the BKS Group is estopped from challenging the order dated 16th September 2011 which has merged with the subsequent order dated 18th October 2011 of the CLB. 18. As far as VKS Group is concerned, it is in a position where it has to pay nothing to the BKS Group as a result of the order dated 18th October 2011 which it has accepted. It has also thereby implicitly accepted that it owes the BKS Group Rs. 50 lakhs. It has thereby accepted that after adjustment of the said sum, the BKS Gro ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
