Supreme Court - Daily Orders
N. Srikant Rao Etc. vs M/S Sharvani Energy Pvt Ltd on 25 August, 2022
Bench: Ajay Rastogi, Abhay S. Oka
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ITEM NO.6 COURT NO.11 SECTION XII-A
S U P R E M E C O U R T O F I N D I A
RECORD OF PROCEEDINGS
Petition(s) for Special Leave to Appeal (C) No(s). 11189-
11190/2014
(Arising out of impugned final judgment and order dated 31-10-2013
in CA No. 4/2013 31-10-2013 in CA No. 20/2013 passed by the High
Court Of A.p. At Hyderabad)
N. SRIKANT RAO ETC. PETITIONER(S)
VERSUS
M/S SHARVANI ENERGY PVT LTD & ORS. RESPONDENT(S)
(SLP(C) NO. 11190 OF 2014 DISMISSED AS WITHDRAWN VIDE HON'BLE
COURT'S ORDER DATED 10TH MARCH, 2022)
(IA No. 174723/2018 - APPROPRIATE ORDERS/DIRECTIONS, IA No. 7/2016
- EXEMPTION FROM FILING O.T., IA No. 54927/2022 - PERMISSION TO
FILE ADDITIONAL DOCUMENTS/FACTS/ANNEXURES, IA No. 174728/2018 -
PERMISSION TO FILE ADDITIONAL DOCUMENTS/FACTS/ANNEXURES, IA No.
5/2016 - PERMISSION TO FILE ANNEXURES)
Date : 25-08-2022 This matter was called on for hearing today.
CORAM :
HON'BLE MR. JUSTICE AJAY RASTOGI
HON'BLE MR. JUSTICE ABHAY S. OKA
For Petitioner(s) Mr. Sarosh Bastawala, Adv.
Mr. Hitendra Nath Rath, AOR
Mr. Gaichangpou Gangmei, AOR
For Respondent(s) Mr. S. Ravi, Sr. Adv.
Mr. Shishir Pinaki, Adv.
Mr. Rohan, Adv.
Mr. D. Mahesh Babu, AOR
Signature Not Verified
UPON hearing the counsel the Court made the following
O R D E R
Digitally signed by POOJA SHARMA Date: 2022.08.26 17:01:35 IST Reason: During the course of arguments learned Counsel for the parties have used their good offices and the parties are also present in 2 the Court, who are siblings, consider it appropriate it will be in the interest of the family to restore their relations, have arrived to an amicable settlement and Memorandum of Settlement dated 25.08.2022 has been signed by the petitioner (N. Srikant Rao) and Respondent no. 3(N. Prashant Rao) on behalf of all the respondents and also by their respective Counsel. The Memorandum of Settlement dated 25.08.2022 is taken on record and the same is reproduced as under:-
“MEMORANDUM OF SETTLEMENT This Memorandum of Settlement is arrived at on this the 25th day of August, 2022 at Supreme Court, New Delhi between the Petitioner & the Respondents, which is as under:-
1. That the Petitioner N. Srikant Rao shall withdraw the Special Leave Petition pending before this Hon’ble Court, Company Petition No.32/241/HDB/2021 pending before NCLT, Hyderabad and Criminal Appeal No.1026 of 2019 pending before Hon’ble High Court of Telangana at Hyderabad and all other litigations pending before any fora as to the affairs of the Company M/s. Sharvani Energy Private Limited and Respondent N. Prashant Rao.
2. That the Respondents shall pay to the Petitioner Rs.3,00,00,000/- (Rupees Three Crores only) as per the schedule set out hereunder:-
Rs.25,00,000/- (Rs. Twenty Five lacs only) on or before 31.08.2022 Rs.1,00,00,000/- (Rs. One Crore only) on or before 30.09.2022; and the balance Rs.1,75,00,000/- (Rupees One Crore Seventy Five Lacs only) on or before 25.11.2022.
3. That the Petitioner shall forthwith withdraw all the letters/representations written to IREDA/PFC/and other institutions and Government Agencies.
4. Upon compliance of the terms set in hereinabove, the Special Leave Petition shall stand withdrawn and all other pending litigations pertaining to Respondent Company shall stand terminated.
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5. That neither parties including M/s. Sharvani Energy Pvt. Ltd. (representative/ shareholders/ any authorized persons etc.) will not take any precipitate action against each other. The Petitioner shall also not be liable for any past actions initiated by the Company.
6. That the Petitioner herein shall relinquish all his rights & interests whatsoever in the Respondent No.1 Company M/s Sharvani Energy Private Limited.
7. That the present settlement shall be binding on all the parties to the Special Leave Petition.” It is agreed that they will withdraw all litigations which are pending in various Courts in reference to Company/respondent no.1 provided that a sum of Rs. 3,00,00,000/- (Rs. Three Crore) is paid to the petitioner in terms as indicated in Paragraph ‘2’ of the Memorandum of Settlement. Accordingly, the first payment of Rs.25,00,000/- (Rs. Twenty Five Lakh) be paid on or before 31.08.2022.
It is agreed by the parties that apart from the Memorandum of Settlement, so far as the suit of partition is concerned which was filed by the petitioner, it will be decided on its own merits without being influenced by Memorandum of Settlement arrived at between the parties.
List on 15.09.2022, as prayed.
(POOJA SHARMA) (MONIKA DEY) COURT MASTER (SH) COURT MASTER (NSH)