TMI Blog2020 (5) TMI 559X X X X Extracts X X X X X X X X Extracts X X X X ..... hat maximum value is realised for the assets of the CCML. If the shares of RIL are not subscribed or renounced, the entitlement would lapse and the same would be of no benefit to CCML or the applicants. In the circumstances, this Court considers it apposite to direct that its rights entitlement of CCML to subscribe to RIL s shares be sold at the maximum value as available. Application disposed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... C.A. No.782/2006. 3. The same are not feasible and, accordingly, the applications are dismissed. 4. The urgency expressed by the applicants is on account of the rights issue announced by Reliance Industries Ltd (RIL). The applicants claim that certain shares of RIL, which are registered in the name of CRB Capital Markets Limited (hereafter CCML ) belong to them and their applications for t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to accept that the rights entitlement of CCML to subscribe to the shares of RIL ought to be renounced in favour of the applicants. However, it the duty of the Official Liquidator to ensure that maximum value is realised for the assets of the CCML. If the shares of RIL are not subscribed or renounced, the entitlement would lapse and the same would be of no benefit to CCML or the applicants. In the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Karvy would be entitled to sign all documents to complete the transactions on behalf of the CCML/Official Liquidator. All concerned entities including the Managers and Registrars to Rights Issue as well as RIL are directed to cooperate with Karvy for completing the said transaction. Karvy would be entitled to receive the consideration for sale of the right entitlement in its own name. After comple ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... survive. It is clarified that all rights and contentions of the parties in respect of the subject matter of C.A. No.1232/2005, C.A. No.783/2006, C.A. No.782/2006 and C.A. No.782/2006 are reserved. C.A. No.226/2020, C.A. No.228/2020, C.A. No.230/2020 C.A. No.232/2020 13. In view of the above, the aforesaid applications are also disposed of and the hearing scheduled on 20.05.2020 with re ..... X X X X Extracts X X X X X X X X Extracts X X X X
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