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TMI Blog2022 (4) TMI 141X X X X Extracts X X X X X X X X Extracts X X X X ..... No.135/2021 In the present application, the applicant(s) pray, inter alia, for direction to the Respondent(s) to deposit Rs. 75,00,000/- (Seventy Five Lakhs Rupees Only) into the Company towards their fifty per cent share of contribution for allotment of equity shares in terms with the Letter of Offer dated 18.07.2021; and to allow the Applicant(s) to raise further share capital of the company to meet its immediate requirements of working capital by way of issue of further shares either to themselves or to third parties, which may alter current shareholding pattern of company. 2. This Tribunal vide order dated 18.06.2021 in Caveat No.6/2021 in CP No.41/Chd/Pb/2021 directed as under:- "In the circumstances, it is ordered that Board Meet ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or the issue of further 15,00,000 equity shares of Rs. 10/- each aggregating to Rs. 1,50,00,000/- (Rupees One Crore Fifty Lakh) only on right issue basis to its existing shareholders in equal proportion. 5. The applicants pointed out that the respondents have filed another application CA No.125/2021 challenging the contents of the notice dated 07.07.2021 including further issuance of shares. It is also stated that while the applicants have deposited 50% share of the total share application money as per the Offer Letter dated 18.07.2021, the respondents have failed to deposit its 50% share of Rs. 75,00,000/- (Rupees Seventy Five Lakhs) for the issuance of further shares to their account and have challenged the same by filing an interim appl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the view that there is a financial crunch in the company and there are prima facie requirements for infusion of finance to service the debt burden of the company. The statements also show borrowing of the company from one Mr. Arvinder Pal Sethi which is stated to be utilized for repayment of loans advanced by Punjab National Bank. The balance sheet as on 31.12.2021 filed by Diary No.00963/2 dated 15.02.2022 also indicates that the company has substantial revenue from its operations though presently, it is facing a liquidity crunch mainly to service its debt burden. 10. The applicants have inter alia prayed for passing an order allowing them to raise further share capital of the Company equally to meet its immediate working capital requ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rom the foregoing discussion, it is clear that the issues are closely related and If the interim reliefs are granted then it would have direct bearing on the outcome of the Main Petition. As held in Union of India & Ors. v. Modiluft Ltd., (2013) 6 SCC 65 & Raja Khan v. Uttar Pradesh Sunni Central Waqf Board & Anr., (2011) SCC 741, if interim relief is same as that of permanent relief, then it is not permissible because no case would be left for adjudication at the time of the final hearing. In such a situation, the court shall not grant any interim relief unless the case is fully heard. Thus, reliefs sought in the present case are definitely hit by the ratio set out in the aforesaid cases. 14. A review of the shareholding structure is requ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2021 in CP No.41/Chd/Pb/2021, extracted in para 4 above, where directions were issued to maintain the status quo qua share holding pattern pending the disposal of the main petition. In the course of the present proceedings, no case was made out by the applicants to justify the Letter of Offer dated 18.07.2921 for issuance of shares, especially in the face of this Tribunal's order dated 14.07.2021 to maintain the status quo. The resolutions passed in the Board meeting dated 14.07. 2021 for the issuance of these very shares are themselves pending adjudication in the CA No.125/21. In view of these facts, we hold that no direction need be issued to the respondents to deposit Rs. 75,00,000/- towards their alleged share of contribution for allot ..... X X X X Extracts X X X X X X X X Extracts X X X X
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