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TMI Blog2020 (10) TMI 1309X X X X Extracts X X X X X X X X Extracts X X X X ..... p/family members can divide their shareholding with the Respondent No. 2 to 5, in line with the order dated 13th April, 2017 of this Tribunal passed in TP No. 26 of 2016 (New) (Old CP No. 46 of 2012) passed under Section 241-242 of the Companies Act, 2013/Section 397 & 398 of the Companies Act, 1956. 2. For ready reference, the relevant paras 78, 79 & 80 of the aforesaid order dated 13th April, 2017 of this Tribunal are reproduced hereunder: "78. In view of the above said discussions and in view of the fact that the petitioner and respondents belongs to the same family, instead of straight away appointing an independent valuer to assess the value of shares, it is just and expedient to direct the petitioner and respondent no. 2 to 5 to co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... /s. Alpa Bhavesh Shah & Co., Chartered Accountants, Ahmedabad ("Independent Valuer") as an Independent Valuer to determine the fair value of Equity shares of Respondent No. 1 Company as on the date or filing of petition. The relevant extract of the order dated 25th October, 2017 is reproduced hereunder: "Hence, this Tribunal hereby appoint M/s. Alpa Bhavesh Shah & Co. S/ 12-A Vikram Chambers, Ashram Road, Ahmedabad-09, Telephone no, 079-40069357 as Independent Valuer to determine the fair value of shares of Respondent no. 1, as on the date of filing of petition. Further orders regarding the manner and mode of sale of Shares will be passed after determination of fair value of shares of Respondent no.1 Company." 4. Thereafter, the Indepe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... view of this, the Respondent No. 2 to 5 requested this Tribunal to properly determine the fair value of equity share of Respondent No. 1 Company after rectifying the above patent error committed by the Independent Valuer appointed by this Tribunal. 8. The effect of correctly applied Jantri rate of immovable properties (being 3 commercial shops) on the valuation per share of Respondent No. 1, would be as under: 9. Hence, by the submissions dated 11th June, 2018, the Respondent No. 1 to 5 requested this Tribunal to approve fair value of Equity Share of Respondent No. 1 company by correctly applying Jantri rate based on which the value per share is not more than Rs. 426.38 per share. 10. The Applicant/Original Petitioner vide affidavit date ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d 23rd January, 2018 of Mokani Nagin N. (Property Valuer No. 1 appointed by the Respondents) for each of the three commercial shops of Respondent No. 1. b. Consolidated Valuation report dated 5th February, 2018 issued by Mahesh S Patwa (Property Valuer No. 2 appointed by the Petitioner) for all the three immovable commercial shops of Respondent No. 1 13. We have gone through the Valuation report dated 26th February, 2018 of the Independent Valuer appointed by this Tribunal containing therein the Valuation reports of both the Property Valuer No. 1 & Property Valuer No. 2 as well as the submissions/comments/objections made by the Applicant and the Respondents. 14. Notwithstanding anything above, both the parties have agreed to part amicab ..... X X X X Extracts X X X X X X X X Extracts X X X X
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