Delhi High Court
Glencore Grain Rotterdam B.V. vs Harnarain (India) Company on 22 February, 2011
Author: Shiv Narayan Dhingra
Bench: Shiv Narayan Dhingra
* IN THE HIGH COURT OF DELHI AT NEW DELHI
Date of Reserve: 24th January, 2011
Date of Order: 22nd February, 2011
+ Review Petition No. 485/2010 in Ex. Petition No. 72/2009
% 22.02.2011
Glencore Grain Rotterdam B.V. ... Petitioner
Through: Mr. Rajiv Nayyar, Sr. Advocate with
Mr. Darpan Wadhwa, Advocate
Versus
Harnarain (India) Company ... Respondent
Through: Mr. Narendra M. Sharma, Advocate &
Mr. Abhishek, Advocate
JUSTICE SHIV NARAYAN DHINGRA
1. Whether reporters of local papers may be allowed to see the judgment?
2. To be referred to the reporter or not?
3. Whether judgment should be reported in Digest?
ORDER
This Court vide order dated 19th April, 2010 had appointed SBI Capital Markets Limited, World Trade Tower, 6th Floor, Barakhamba Lane, New Delhi as authorized agent to sell the shares of JD No. 2 & 3 held by them in JD No. 5 in execution of the decree. The amount so realized after sale of shares was to be kept in "Suspense Account" and out of that the satisfaction of the decree was to be done. However, SBI Capital Markets Limited could not do the needful as it had stringent condition of payment of minimum fee of Rs. one crore in advance. Thereafter this Court appointed HDFC Capital Limited in place of SBI Capital Markets Limited to undertake the work of valuation and sale of shares in terms of order dated 19th April, 2010. However, HDFC Capital Limited expressed its inability and refused to take the job thus, an application was made Ex. Petition No. 72/2009 Page 1 of 2 for appointment of another agent. Parties were given opportunity to give an agreed name as broker however, the parties failed to arrive at a common name as a broker. Under these circumstances, the choice was left to this Court to find out a broker and appoint the same.
2. I, therefore, appoint ITCOT Consultancy and Services Limited 50- A, Greames Road, Murugesan Naicker Complex, Chennai-600006 Ph.# 044- 28290324, 42936800 Fax # 044-28293512 as the firm to undertake valuation of the shares held by JD No. 2 & 3 in JD No. 5 and after valuing the shares to sell the shares. The work shall be split in two parts. The first part shall be the valuation of the shares and second part shall be selling of the shares. JDs shall provide all necessary information to the above said broker for valuation of the shares and shall cause no hindrance. The aforesaid company shall complete the valuation work as early as possible, in all probabilities within 60 days. The initial charges for the first part of the work shall be borne by the decree holder to be recovered from JDs as a part of the decreetal amount. The final fee for the work shall also be recovered by the DH as a part of the decree. The sale of shares shall be undertaken within 30 days after valuation of the shares. The agent shall give its report after completion of entire work to the Court. The money so realized shall be kept by agent in a nationalized bank and the same shall be utilized in satisfaction of decree and in payment of fees of the agent. Any hindrance caused by the JDs in the work of the agent shall be viewed seriously.
February 22, 2011 SHIV NARAYAN DHINGRA, J.
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Ex. Petition No. 72/2009 Page 2 of 2