Gujarat High Court
Baader Beteiligungs Gmbh vs Parsoli Motor Works Private on 10 May, 2013
Author: R.M.Chhaya
Bench: R.M.Chhaya
BAADER BETEILIGUNGS GMBH....Petitioner(s)V/SPARSOLI MOTOR WORKS PRIVATE LIMITED....Respondent(s) O/COMP/154/2010 ORDER
IN THE HIGH COURT OF GUJARAT AT AHMEDABAD COMPANY PETITION NO.
154 of 2010 With COMPANY APPLICATION NO.
102 of 2013 In COMPANY PETITION NO. 154 of 2010 ================================================================ BAADER BETEILIGUNGS GMBH....Petitioner(s) Versus PARSOLI MOTOR WORKS PRIVATE LIMITED....Respondent(s) ================================================================ Appearance:
MS PJ DAVAWALA, ADVOCATE for the Petitioner(s) No. 1 MR ASHOK L SHAH WITH MR CHETAN PANDYA FOR S V RAJU ASSOCIATES, ADVOCATE for the Respondent(s) No. 1 ================================================================ CORAM:
HONOURABLE MR.JUSTICE R.M.CHHAYA Date : 10/05/2013 ORAL COMMON ORDER
1. Heard Ms. P.J. Davawala, learned Advocate for the petitioner and Mr. Ashok L Shah with Mr. Chetan Pandya, learned Advocates for S.V. Raju Associates.
2. The present petition is filed by the petitioner under Sections 433 and 434 of the Companies Act, 1956. The learned Advocates appearing on behalf of respective parties, on instructions, submitted that during the course of hearing, the parties have agreed to the following consent terms :
(i) It is a matter of record that the respondent Company has deposited an amount of Rs.5,96,57,383/- on 27.2.2013.
The petitioner agrees to accept the said amount in full and final settlement of all its claims against the respondent Company made in the petition.
The petitioner shall be entitled to be paid the said amount of Rs.5,96,57,383/- from the Registry of this Court towards full and final settlement of all its claims against the respondent made in the petition.
The said amount shall be paid to the petitioner by A/c Payee Cheque drawn in favour M/s. Rajinder Narain and Company for and on behalf of the petitioner, by the Registry of this Court.
The petitioner declares that M/s. Rajinder Narain and Company of International, Commercial & Corporate Lawyers, Maulseri House, 7, Kapashera Estate, New Delhi 110037 are entitled and authorised to accept the said payment for and on behalf of the petitioner and that on their receiving such payment there would not be any violation of any rule or law.
The respondent has a counter claim against the petitioner and its sole Director Mr. Uto Baader for any penalty or other amount that the Reserve Bank of India may impose while considering the respondent's application for compounding. M/s. Rajinder Narain and Company of International, Commercial & Corporate Lawyers, Maulseri House, 7, Kapashera Estate, New Delhi 110037 shall keep apart a sum of Rs.25 lacs (Rupees Twenty-five lacs only) out of the said amount of Rs.5,96,57,383/- to be kept available for adjustment against any penalty that the Reserve Bank of India may impose while considering the respondent's aforesaid application subject to the petitioner and Mr. Uto Baader's contention that they are not liable for any such counter claim for penalty.
One of the partners of Advocates M/s. Rajinder Narain and Company of International, Commercial & Corporate Lawyers, Maulseri House, 7, Kapashera Estate, New Delhi 110037 shall file personal undertaking in this Court within a period of two weeks from the date of receipt of the cheque from the Registry, to the effect that the amount of Rs.25 lacs (Rupees Twenty-five lacs only) shall be kept apart in a separate account by M/s. Rajinder Narain and Company of International, Commercial & Corporate Lawyers, Maulseri House, 7, Kapashera Estate, New Delhi 110037 as stated in paragraph
(vi) above.
The petitioner expressly waives all its claims for interest against the respondent in respect of its claim made in the petition.
The petition thus stands disposed of in the aforesaid terms. No further orders are passed in Company Application No. 102 of 2013 and the said application stands disposed of. Parties to bear their own costs.
Registry is directed to place copy of this order in cognate matter.
Sd/-
(R.M.CHHAYA, J.) M.M.BHATT Page 4 of 4