9911796707
TMI Blog2019 (8) TMI 371X X X X Extracts X X X X X X X X Extracts X X X X ..... as emerged from the record is that the decree holder had entered into an underwriting agreement dated 10.01.1995 with the earlier avatar of the judgment debtor. The earlier avatar of the judgment debtor went by the name Foresight Financial Services Ltd. (FFSL). On account of the disputes obtaining between the decree holder and FFSL, the aforementioned ex-parte award was passed in the background of the following circumstances. 4. The record shows that FFSL along with two other companies, going by the name Mercantile Credit Corporation Ltd. and Cameo Share Registry Ltd. merged in a company by the name Excel Finance Ltd. (EFL). The merger was brought out under a Scheme of Amalgamation (SOA). The SOA which was sanctioned by the Madras High Cou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt (SOR). The Madras High Court vide order dated 18.10.2012 approved the SOR. 9.1 However, before the SOR was approved, public notices were taken out in "The New Indian Express" and "Dina Malar" on 31.08.2012. 9.2 Furthermore, an opportunity was given by the Madras High Court to the Regional Director, Southern Region, Ministry of Corporate Affairs (in short "RD") to file a report with regard to its objections, if any, qua (the then) proposed SOR. The RD filed his report on 11.09.2012. 10. Upon the SOR being sanctioned by the Madras High Court, as indicated hereinabove, on 18.10.2012 the name of MCC Finance Ltd. was changed to its present name i.e. Mercantile Ventures Ltd. The change in name was brought about on 27.03.2013. 11. Insofar a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dator's report, reads as follows : "Temple Tower, 3rd Floor, 476/2, Anna Salai, Nandanam, Chennai-600035" 13.3 In contra-distinction, the address, which is referred to in the public notice dated 30.04.2008 printed in Trinity Mirror Daily, reads as "Karumuttu Centre, 7th Floor, 498, Anna Salai, Nandanam, Chennai". 13.4 Learned counsel thus contended that the decree holder ought to have referred to the former address and not the later one. 14. Mr. Pavan Sachdeva, who represents the decree holder, submits that the notice sent by the solicitors on 06.07.2007 at the former address was returned with the endorsement "left" and, therefore, the public notice taken out on 30.04.2008 referred to the other address to which reference is given herein ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Companies Act, 19561. 18. Mr. Sachdeva, does not dispute that no such application was moved before the Madras High Court. 19. Given these circumstances, to my mind, the instant ex-parte award dated 23.05.2012 cannot be enforced against the judgment debtor. Accordingly, execution proceedings are closed. Since the aforementioned ex-parte award was obtained without the official liquidator attached to the Madras High Court being given an opportunity to defend the same, the award naturally would be a nullity. The decree holder will hereafter have liberty to agitate its rights against the judgment debtor in accordance with the law. --------------- Notes:- 1. 446. Suits stayed on winding up order. (1) When a winding up ..... X X X X Extracts X X X X X X X X Extracts X X X X
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