Bombay High Court
Dipesh Mehta And 3 Ors vs Gerald Shirley And 3 Ors on 15 October, 2019
Author: S. C. Dharmadhikari
Bench: S. C. Dharmadhikari, G.S. Patel
1056-1057-NMAL811-19+(1).DOC
Shephali
IN THE HIGH COURT OF JUDICATURE AT BOMBAY
ORDINARY ORIGINAL CIVIL JURISDICTION
NOTICE OF MOTION (L) NO. 811 OF 2019
IN
APPEAL NO. 158 OF 2017
WITH
NOTICE OF MOTION NO. 70 OF 2019
Vikram Malik & Ors ...Applicants
In the matter between
Dinesh Mehta & Ors ...Appellants
Versus
Gerald Shirley & Ors ...Respondents
NOTICE OF MOTION (L) NO. 833 OF 2019
IN
APPEAL NO. 347 OF 2016
WITH
NOTICE OF MOTION NO. 71 OF 2019
Mr Rumi Mirza, with Rajeev Waglay, Kaushal Thakker & Geetika
Rajpal, i/b Prashant P Kulkarni, for the Applicants in
NMAL/811/2019 & for Respondents Nos. 5 to 9 in
APP/347/2016.
Mr Shiraz Rustomjee, Senior Advocate, with Archit Jayakar, i/b
Jayakar & Partners, for the Applicants in NMA/70/2019 & for
Respondents Nos. 1 to 4 in NMAL/811/2019.
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Mr Sharan Jagtiani, with Archit Jayakar & Ms Divya Tyagi, i/b
Jayakar & Partners, for the Applicants in NMA/71/2019.
Mr Gaurav Mehta, with Viraj Gami, Prachi Garg & Shivani
Khanwilkar, i/b DSK Legal for Respondent No. 5 in
APP/158/2017 & Appellants in APP/347/2016.
Mr HB Takke, AGP for the State.
Mr OA Das, for Bank of India, on notice present.
CORAM: S. C. DHARMADHIKARI &
G.S. PATEL, JJ
DATED: 15th October 2019
PC:-
1. Pursuant to our order of 1st October 2019, it appears that the
Applicants (Vikram Malik and two others) wrote to the Chief
Manager of the Bank of India, Bhulabhai Desai Road Branch asking
for a list of the holdings of the Breach Candy Swimming Bath Trust.
We were told this morning that the bank responded by saying that it
was appointing an advocate. Later there was a communication from
the bank saying that it had appointed Mr OA Das to represent it in
Court.
2. We requested Mr Das to attend Court and took up the matter
in the afternoon session. The bank had indeed declined to act on the
request made to it. However, we believe this was possibly because of
a mismatch between the authorised signatories on the account (who
are one or more of the original Appellants and not the three
Applicants), whereas the request to the bank came by or on behalf of
the three Applicants.
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3. In Court, Mr Das has given copies of the statement of
holdings to Mr Mirza for the Applicants and to Mr Rustomjee and
Mr Jagtiani for the contesting Respondents. We also have a copy and
for completeness a scanned is annexed to this order. The total value
of the holdings as on 9th October 2019 is Rs.73,47,02,892/-. The
statement makes it clear that the NSDL DPO address is the Bank of
India, Main Branch at MG Road, across the road from this Court.
4. In view of this authorised signatories mismatch and to avoid
further controversy, misunderstanding or a multiplication of
allegations and counter-allegations, we believe it is in the interest of
all concerned if this entire holding was to be effectively deposited
with this Court. We therefore direct the Prothonotary and Senior
Master of this Court to open a distinct DP (Depository Participant)
account with unique id with the Bank of India, MG Road, Mumbai
Main Branch at the earliest possible. This account is to be opened
and held in the name of "Prothonotary and Senior Master-
Account Breach Candy Swimming Bath Trust". The
Prothonotary and Senior Master will then call on the Chief Manager
of the Bank of India, Mumbai Main Branch to ensure that all the
scrips in the attached statement are shown in the newly opened
demat account with the Bank of India, Mumbai Main Branch in the
name of the Prothonotary and Senior Master.
5. On the last occasion, Mr Mirza had shown us at page 479 of
the Motion, a list of these holdings and identified 12 of them as
requiring immediate redemption. To begin with, there is no easy
way for us to reconcile the list annexed to the order and received
from Mr Das with the list at page 479. This is because the list
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provided by Mr Mirza from page 479 onwards is lacking the ISIN
codes and it is therefore difficult to identify the individual
instruments precisely. The values differ being given as of different
dates. Mr Mirza agrees that he will provide the necessary ISIN code
numbers to his list at page 479 by the next date.
6. As we noted on 1st October 2019, there are two immediate or
most pressing issues. The first is the matter of payment of staff
salaries. The second is the question of completing the deposit
required to be made in the appeal before Income Tax authorities in
order to obtain a priority listing of the Appeal filed by the Breach
Candy Club.
7. Mr Mirza had previously informed us that some interest
income was due in October, November and December 2019. He
confirms that an amount of Rs. 1.2 crores has already been received
and an additional Rs. 20 lakhs is expected in the few days.
8. The pending wage bill is about Rs. 51 Lakhs. A further
amount of about Rs. 85 lakhs is to be deposited with Income Tax.
Mr Rustomjee therefore submits, and particularly since further
interest is expected in November and December 2019 (though
possibly in lesser amounts than received in October 2019) that it
may not be necessary to liquidate the entire amount suggested by
Mr Mirza, which is in excess of Rs. 4 crores, all at once immediately.
He submits that this can be deferred and only that which is
necessary should be redeemed immediately. We believe there is
some substance to this. On our reckoning, an additional amount of
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about Rs. 89 lakhs will suffice to meet both the Income Tax claim
and the pending wage bill. We can even round this off to Rs. 1 crore.
9. We see no reason why the wage bill should be held back since
there is an amount of Rs. 1.2 crores already available and received as
interest income. Mr Mirza's clients, the Applicants, will ensure that
all wages are paid up to date from the interest income so far
received.
10. Mr Waglay submits that the Club should be allowed to
continue to pay the Income Tax Appeal deposit in instalments. We
disagree. As it is, the Club has obtained a discretionary reduction in
the amount of deposit. We do not see why there should be
exceptions made by the revenue allowing the club the added facility
of instalments in this fashion for a lengthy period of time. To ensure
that there is no break in the regular deposits, we only direct the Club
to make payment of these instalments as it was doing previously up
to November 2019. On the next date we will make a further order
providing sufficient liquidity and funds so that the remaining
deposit for the Income Tax Appeal is made in one single payment of
the balance and an early date is obtained for the hearing of that
Appeal.
11. We decline to enter into any discussion as presented by Mr
Waglay on the merits of that Appeal. We decline even to note his
statements in that regard. That is squarely a matter for Income Tax
to decide. Equally, we have not addressed Mr Rustomjee's
contentions that the entire demand from the Income Tax and the
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levy of penalty, interest and tax is on account of a default of certain
parties or a group of parties. What is to be made of that submission,
in what context, for what relief and in what application are all
matters to be taken up on the next date.
12. Liberty to the Prothonotary and Senior Master to apply in
case of any difficulty.
13. For the present list the matter for further orders on 19th
November 2019.
(S. C. DHARMADHIKARI, J)
(G. S. PATEL, J)
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BANK OF INDIA
DP 10 NO 300749
BANK OF INDIA
DP 10 : IN300749
BREACH CANDY BRANCH, SKY SCRAPER,
4/697, BHULABHAI DESAI ROAD, MUMBAI - MUMBAI - 400026
Phone No 3680768 Fax No 6380768
Statement of Holding As on 10-0ct-2019
Name BREACH CANDY SWIMMING BATH TRUST Client 10 11038443
Address 66,
BHULABHAI DESAI ROAD,
NIUIVlBAi
MUMBAI
400026
23674381
Category Non House Beneficiary Status Active
Type I Sub Type Trust / BSDA: No
ISIN Code Scrip Name Account Description Balance Value (Rs.)
INE787H07131 INDIA INFRASTRUCTURE FINANCE COMPANY Beneficiary 12288 13,332480
LIMITED - 719/7.69 BD 22JN23 FVRS1000 LOA UPTO
16AP13
INE787H07149 INDIA INFRASTRUCTURE FINANCE COMPANY Beneficiary 12709 14,234,080
LIMITED - 7.36/7.86BD 22JN28 FVRS1000 LOA UPTO
16AP13
INE787H07156 INDIA INFRASTRUCTURE FINANCE COMPANY Beneficiary117267142 068,971
LIMITED - 74/7,9 BD 22JN33 FVRS1000 LOA UPTO
16AP13
INE787H07263 INDIA INFRASTRUCTURE FINANCE COMPANY Beneficiary 50000 55 126,500
LIMITED - 8 01 BD 12NV23 FVRS1000 LOA UPTO
27FB14
INE787H07271 INDIA INFRASTRUCTURE FINANCE COMPANY Beneficiary 200 231,598
LIMITED - 8.26 BD 12NV23 FVRS1000 LOA UPTO
27FB14
INE787H07347 INDIA INFRASTRUCTURE FINANCE COMPANY Beneficiary 6150 8,237495
LIMITED - 8.66 BD 22JN34 FVRS1000 LOA UPTO
20AP14
INE787H07313 INDIA INFRASTRUCTURE FINANCE COMPANY Beneficiary 211/ 2,786 184
LIMITED - 8.75 BD 12NV33 FVRS1000 LOA UPTO
__ .. ~7£B_1_4=---;-c:=:-c-:-::: __ .,-- 00 __ -
INE787H073/0 INDIA iNf-RASTRUCTURL f-li';ANCE: COfvlPANY Beneficiary 16~13 2,174,j24
LIMITED - 8.91 BD 22JN34 FVRS1000 LOA UPTO
20AP14
INE787H07164 INDIA INFRASTRUCTURE FINANCE COMPANY Beneficiary 753 805.710
LIMITED - SR-I 6.86/7.36 LOA 26MR23 FVRS1000
INE787H07180 INDIA INFRASTRUCTURE FINANCE COMPANY Beneficiary 1000 1,109,000
LIMITED - SR-III 7.08/7.58 LOA 26MR33 FVRS1000
INE787H07396 INDIA INFRASTRUCTURE FINANCE COMPANY Beneficiary 2300 2,834.796
LIMITED - TRCHIlISR-
2A8.55BD27MR29FVRS 1000LOAUPT01 OJU14
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INE787H07420 INDIA INFRASTRUCTURE FINANCE COMPANY Beneficiary 150 186,750
LIMITED -
TRCHIIISR2BRRBD27MR29FVRSI OOOLOAUPTOIOJU14
INE787H07438 INDIA INFRASTRUCTURE FINANCE COMPANY Beneficiary 5195 6,956,105
LIMITED - TRCHIIISR3BRRBD27MR34
FVRS1000LOAUPT010JU14
INE053F07587 INDIAN RAILWAY FINANCE CORPORATION LlMITED- Beneficiary 190 208,525
6,88/7,38 BD 23MR23 FVRS1000 LOA UPTO 22MR13
INE053F07595 INDIAN RAILWAY FINANCE CORPORATION LlMITED- Beneficiary 1368 1,575,936
7,04/7,54 BD 23'MR28 FVRS1000 LOA UPTO 22MR13
INE053F07561 INDIAN RAILWAY FINANCE CORPORATION LlMITED- Beneficiary 20954 22,001,700
7,18/7,68 BD 19FB23 FVRS1000 LOA UPTO 18FB13
INE053F07579 INDIAN RAILWAY FINANCE CORPORATION LlMITED- Beneficiary 33488 36.334480
7,34/7,84 BD 19FB28 FVRS1000 LOA UPTO 18FB13
INE053F07520 INDIAN RAILWAY FINANCE CORPORATION LlMITED- Beneficiary 80 83.922
8 18,15 BD 23FB22 FVRS1000 LOA UPTO 22FB12
INE053F07538 INDIAN RAILWAY FINANCE CORPORATION LlMITED- Beneficiary 81911 92,035,200
8,1/8,3 BD 23FB27 FVRS1000 LOA UPTO 22FB12
INE053F07736 INDIAN RAILWAY FINANCE CORPORATION LlMITED- Beneficiary 209 244,530
8.44 BD 26MR24 FVRS1000 LOA UPTO 25MR14
INE053F07660 INDIAN RAILWAY FINANCE CORPORATION LlMITED- Beneficiary 1900 2,326,550
SR-92 8.4 BD 18FB29 FVRS1000 LOA UPTO 17FB14
INE053F07728 INDIAN RAILWAY FINANCE CORPORATION LlMITED- Beneficiary 8387 10,350,900
SR-96 8,63 BD 26MR29 FVRS1000 LOA UPTO 25MRi4
INE202E07138 INDIAN RENEWABLE ENERGY DEVELOPMENT Beneficiary 247 310,010
AGENCY LIMITED - SR-IIB 8,8 LOA 13MR29 FVRS1000
INE202E07153 INDIAN RENEWABLE ENERGY DEVELOPMENT Beneficiary 500 670,045
AGENCY LIMITED - SR-IIIB 8,8 LOA 13MR34 FVRS1000
INE906B07CA1 NATIONAL HIGHWAYS AUTHORITY OF INDIA - 8,2 BD Beneficiary 12690 13,521,703
25J N22 FVRS 1000
INE906B07CB9 NATIONAL HIGHWAYS AUTHORITY OF INDIA - 8,3 BD Beneficiary 10537 12,290,568
25J N27 FVRS 1000
INE848E07526 NHPC LIMITED - SR-2A 8,54 BD 02NV28 FVRS1000 Beneficiary 1500 1,857.000
LOA UPTO 22JN15
INE848E07559 NHPC LIMITED - SR-2B 8.79 BD 02NV28 FVRS1000 Beneficiary 5 6,400
LOA UPTO 22JN15
INE848E07567 NHPC LIMITED - SR-3B 8,92 BD 02NV33 FVRS1000 Beneficiary 235 317,243
LOA UPTO 22JN15
INE733E07JG5 NTPC LIMITED - SR-3A 8,66 BD 16DC33 FVRS1000 Beneficiary 1050 1,374,975
INE733E07JJ9 NTPC LIMITED - SR-3B 8,91 BD 16DC33 FVRS1000 Beneficiary 500 690.000
INE134E07356 POWER FINANCE CORPORATION LTD, - 6,88/7,38 BD Beneficiary 909 958.086
28MR23 FVRS1000 LOA UPTO 26JU13
INE134E07364 POWER FINANCE CORPORATION LTO, - 7 0417 54 BD Beneficiary 1912 2,074,520
28MR28 FVRS1000 LOA UPTO 26JU13
INE134E07331 POWER FINANCE CORPORATION LTD, -7,19 BD Beneficiary 9358 10,097,282
04JN23 FVRSI 000
INE134E07349 POWER FINANCE CORPORATION LTD, -7,36 BD Beneficiary 11880 13,343,616
04JN28 FVRSI 000
INE134EOf422 POWER FINANCE CORPORATION LTD, - 8.43 BD Beneficiary 125 144,375
16NV23 FVRS1000 LOA UPTO 9FB14
INE134E07430 POWE R FINAN CE CO RPORAT ION LT=D'--,
---=-8--=,5--'-4
-=B-=D----::::---:::-c---::-::--:-::-::----cc=--=-c:-::-:=-:c
Beneficiary 32389 42 983,766
16NV28 FVRS1000 LOA UPTO 9FB14
INE134E07455 POWER FiNANCE CORPORATION LTD, - 8,67 BO Beneficiary 7000 9,36E,OOO
16NV33 FVRS1000 LOA UPTO 9FB14
INE134E07448 POWER FINANCE CORPORATION LTD, - 8.79 BD Beneficiary 50 62,500
16NV28 FVRS1000 LOA UPTO 9FB14
INE134E07463 POWER FINANCE CORPORATION LTD, - 8,92 BD Beneficiary 332 456,500
16NV33 FVRS1000 LOA UPTO 9FB14
INE134E07190 POWER FINANCE CORPORATION LTD, - SR-18,2 BD Beneficiary 2470 2605,850
01FB22 FVRS1000 LOA UPTO 08MR12
INE134E07208 POWER FINANCE CORPORATION LTD, - SR-II 8,3 BD Beneficiary 14825 17,463,850
01FB27 FVRS1000 LOA UPTO 08MR12
INE020B07GW6RURAL ELECTRIFICATION CORPORATION LlMITED- Beneficiary 17380 19,153,629
7,22 BD 19DC22 FVRS1000
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-o/hr~~ ::: Uploaded on - 17/10/2019 ::: Downloaded on - 17/10/2019 20:05:32 ::: INE020B07GX4 RURAL ELECTRIFICATION CORPORATION LlMITED- Beneficiary 30366 35,239,743 7.38 BD 19DC27 FVRS1000 INE020B07GY2 RURAL ELECTRIFICATION CORPORATION LlMITED- Beneficiary 231 266,551 SR-1 6.8817.38 BD 25MR23 FVRS1000 INE020B07GZ9 RURAL ELECTRIFICATION CORPORATION LlMITED- Beneficiary 25 2B,000 SR-2 7 0417 54 BD 25MR28 FVRS1 000 INE020B07GH7 RURAL ELECTRIFICATION CORPORATION LlMITED- Beneficiary 98123113,333,046 SR-2 8.12/8.32 BD 27MR27 FVRS1000 INE020B07HP8 RURAL ELECTRIFICATION CORPORATION LlMITED- Beneficiary 500 699,500 SR-2A 8.46 BD 24SP28 FVRS1000 INE020B07HS2 RURAL ELECTRIFICATION CORPORATION LlMITED- Beneficiary 200 256,000 SR-2B 8.71 BD 24SP28 FVRS1000 INE020B07HTO RURAL ELECTRIFICATION CORPORATION LlMITED- Beneficiary 210 285,390 SR-3B 8.62 BD 24SP33 FVRS1000 INE020B07GG9 RURAL ELECTRIFICATION CORPORATION LlMITED- Beneficiary 15833 16,893,811 SR-I 7.93/8.13 BD 27MR22 FVRS1000 IN E020B071 D2 RURAL ELECTRIFICATION CORPORATION LlMITED- Beneficiary 2115 2,707,200 TR 2 SR 2A 8.63 BD 24MR29 FVRS1000 Total Value of Holding (Prices as on 09/10/2019) Rs. 734,702,892 NSDL DPO ADDRESS BANK OF INDIA BLDG, 1ST FLOOR, NSDL DEPT, 70-80, M.G. ROAD ,FORT, MUMBAI - 400001. TEL 22696059 / 22671517.
AMC CHARGES FROM APR 19 TO MAR 20 AND TR. CHARGES FOR JUNE 19 OTR WILL BE RECOVERED FROM 16TH OF AUGUST 2019.
EMAIL [email protected] *Any discnpancy in the above should be brought to our notice within 30 day from the date of receipt of the statement *This is a computer generated statement and does not require a signature"
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