TMI Blog2017 (10) TMI 1508X X X X Extracts X X X X X X X X Extracts X X X X ..... he Independent Valuer shall submit the valuation reports in three originals to the Registrar of this Tribunal in a sealed cover and the cover shall be opened on 22nd December, 2017 in the open Court. Thereafter, this Tribunal will pass appropriate orders for the exchange of shares/consideration by fixing a time line. List the matter on 22nd December, 2017. - C.P. Nos. 69/241-244/NCLT/AHM/2017 - - - Dated:- 12-10-2017 - Bikki Raveendra Babu, Member (J) For Appellant: Rahul Chitnis and Nachiket Dave, Advocates For Respondents: Jaimin Dave for Swati Soparkar, Advocates ORDER Bikki Raveendra Babu, Member (J) 1 . This petition is filed under Sections 241 and 244 of the Companies Act ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (d) that the Hon'ble Tribunal be pleased to declare that the purported ExtraOrdinary General Meeting of the Respondent No. 1 Company held on 9th September, 2016 is invalid and illegal and that the resolution passed thereat to the extent it relates to the reduction of Share Capital of the Petitioners be declared as null and void and that the same is invalid, ineffective and not binding on the petitioners and that the same to be set aside; (e) that the Hon'ble Tribunal be pleased to declare that the purported ExtraOrdinary General Meeting of the Respondent No. 1 Company held on 16th February, 2016 is illegal and that the resolutions passed thereat to the extent it relates to restructuring of the Respondent No. 1 Company ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... led. None appeared for Respondent No. 10 even on 10.10.2017. 4. The following are the consent terms:- It is agreed by and between the parties to the petition that in order to bring an end to the matters raised in the petition, the shares held by the petitioners in the Respondent No. 1 company ('the company') shall be purchased by the Respondents at a value to be determined by the Independent Valuer on the following terms:- 1. One of either (a) Price Waterhouse Coopers (b) Deloitte Touche Tohmatsu Limited (c) EY (d) KPMG, shall be appointed by this Hon'ble Tribunal, as an Independent Valuer, to carry out valuation of the business of the company. 2. Prior to commencing the valuation exercise, t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... raised in the present petition with regard to the company, do not survive and the present petition shall be retained by this Hon'ble Tribunal only for the purpose of exchange of shares/consideration, and thereafter this Hon fate Tribunal may pass appropriate order disposing of the petition. The parties further agree that the determination of the Hon fate Tribunal on the issue of fraud would be binding on all the parties. Dated this 5th Day of October, 2017. 5 . The abovesaid consent terms arrived at between the parties form part of the consent order of this Tribunal. 6 . Deloitte Touche Tohmatsu Limited, Ahmedabad is appointed as Independent Valuer to carry out valuation of the business of the 1st Respondent Company, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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