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TMI Blog2020 (11) TMI 358X X X X Extracts X X X X X X X X Extracts X X X X ..... er called as 'Respondents') under Rule 15 and 153 of the National Company Law Tribunal Rules, 2016(hereinafter called as 'Rules') for the following reliefs: - Leave may be granted to enlarge the period of payments by granting 6 more months' time to make the first tranche of payments and to make subsequent tranches payments with 6 months difference each as detailed in the schedule above. And pass such other order/orders, direction/directions as may deem just and proper, and thus render justice. 2. On 17.02.2020 the learned Counsel for Respondents filed a Memorandum of Settlement stating that the matter has been settled between the parties. TCP/25/KOB/2019 has been filed by Sreeram Sarath and another against the Respondents M/s. Phykon S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ces during the period when the Applicants were wholetime Directors, it shall be proportionately shared among the members of the Board as on the date of non-compliance, in proportion to their shareholding after exhausting legal remedies. d. As agreed between the parties, this settlement memo was filed and prayed to close this Company Petition. e. The Prayer is allowed. Accordingly, TCP/25/KOB/2019 is disposed of. No costs." 3. The Applicants submitted that due to the Government Order for national lockdown resulted in complete stoppage of the work in the Company, the Applicants have permanently shut down its Bangalore Office on facing severe financial crunch. The Applicants stated in the application that against the transfer of shares in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sence of other alternative and efficacious remedy, the Applicants approached this Tribunal for the aforesaid reliefs. The Applicants have filed a Revised Schedule of Payment for 1st Respondent and 2nd Respondent as under: REVISED SCHEDULE OF PAYMENT TO 01st Respondent Company (Sreeram Sarath) Sl.No Cheque Dates Total No of shares to be transferred to the respective respondents Per share value in Rupees Mithun Gopal (amount in Rupees) Pratish Vijay (amount in Rupees) Prabhu Chandra Mohan (amount in Rupees) Total consideration (in Rupees) 1 30.12.2020 2501 331 Rs. 2,75,723 Rs. 2,76,054 Rs. 2,76,054 Rs. 8,27,831 2 31.06.2021 2499 331 Rs. 2,75,723 Rs. 2,75,723 Rs. 2,75,723 Rs. 8,27,169 3 31.12.2021 3335 331 Rs. 3,6 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dum of Settlement nowhere identifies the source of money that the Applicants had agreed to pay to the Respondents in return of Transfer of Shares. It is also stated that the Company Petition relates to the internal affairs of the Company in which the Respondents Nos. 2 to 4 resigned from the office of Directors from the Company. The Applicants have relinquished their salaries in the company due to financial crunch is a bald statement made by the Applicants without any supporting financial records in the Company. 8. It is further contented that Memo No. F 18/4/2020- PPD dated 19.02.2020 cited by the Applicants is issued by the Procurement Policy Division of Department of Expenditure of the Ministry of Finance which states: - "2. A doubt h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... een the Applicants and the Respondents under the Memorandum of Settlement. In spite of the same, the Respondents, in the interest of avoiding litigation had accommodated the request of the Applicants and had granted time till 15.08.2020 to make the payment of the 1st instalment under the Memorandum of Settlement. Granting any further extension of time would severely prejudice the Respondents. It is also stated that the Applicants have ample avenues for raising funds, in order to meet their obligations, assuming they are facing a financial difficulty as claimed. The Respondents being erstwhile directors of the Company have been personally contacted on multiple occasions by the investors and lenders who have expressed their readiness to inves ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... upees Mithun Gopal (amount in Rupees) Pratish Vijay (amount in Rupees) Prabhu Chandra Mohan (amount in Rupees) Total consideration (in Rupees) 1 30.11.2020 2501 331 Rs. 2,75,723 Rs. 2,76,054 Rs. 2,76,054 Rs. 8,27,831 2 31.12.2020 2499 331 Rs. 2,75,723 Rs. 2,75,723 Rs. 2,75,723 Rs. 8,27,169 3 31.03.2021 3335 331 Rs. 3,68,072 Rs. 3,67,741 Rs. 3,68,072 Rs. 11,03,885 Total 8333 Rs. 27,58,223 2ND RESPONDENT Sl..No Cheque Dates Total no of shares to be transferred to the respective respondents Per share value in Rupees Mithun Gopal (amount in Rupees) Pratish Vijay (amount in Rupees) Prabhu Chandra Mohan (amount in Rupees) Total consideration (in Rupees) 1 30.11.2020 2500 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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