The South Indian Bank Limited vs Asmitha Microfin Limited on 14 February, 2022

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Bombay High Court

The South Indian Bank Limited vs Asmitha Microfin Limited on 14 February, 2022

Bench: B. P. Colabawalla

                                                                         10.lpetn.61.21..doc




                               IN THE HIGH COURT OF JUDICATURE AT BOMBAY
                                  ORDINARY ORIGINAL CIVIL JURISDICTION
         Digitally signed                 LEAVE PETITION NO. 61 OF 2020
ANJALI   by ANJALI
         TUSHAR
TUSHAR
                                                            IN
         ASWALE
ASWALE   Date: 2022.02.14
         18:56:25 +0530


                                         COMMERCIAL SUIT NO. 10 OF 2021



                      The South Indian Bank Ltd                      ..Applicant/Plaintiff
                                 Vs.
                      Asmitha Microfin Ltd & Ors                     ..Defendants


                      Mr.Piyush Raheja a/w Ms.Nidhi Singh, Ms. Kirti Vagal, for the Plaintiff.
                      Mr.Vividh Tandon a/w Nishi Bhankharia i/b Tri Legal for Defendant
                      No.1.

                                                         CORAM:- B. P. COLABAWALLA,J.

DATE :- FEBRUARY 14, 2022.

P. C.:

The above Petition is filed under Clause XII of the Letters Patent seeking leave of this Court to file the above Suit in relation to 15,598,212 units of Optionally Convertible Cumulative Redeemable Preference Shares (OCCRPS).

2 The learned counsel appearing on behalf of the Plaintiff stated that the entire cause of action has arisen within the jurisdiction of Aswale 1/2

10.lpetn.61.21..doc this Court. Leave is only sought because Defendant No.1 is a company having its registered office in Hyderabad. 3 Considering the averments made in the Clause XII Petition, and having heard the learned counsel appearing on behalf of the Petitioner, the Leave Petition is allowed in terms of prayer clause (a) which reads thus:-

"(a)That Leave be granted by this Hon'ble Court to the Plaintiff under Clause XII of Letters Patent to file the suit seeking relief in relation to the fraudulent actions of Defendant No.1 in misappropriating 15,598,212 units of Optionally Convertible Cumulative Redeemable Preference Shares (OCCRPS) at Mumbai before this Hon'ble Court."

4 Clause XII Petition is accordingly disposed of. No order as to costs.

5 This order will be digitally signed by the Private Secretary/Personal Assistant of this Court. All concerned will act on production by fax or email of a digitally signed copy of this order.

( B. P. COLABAWALLA, J. ) Aswale 2/2

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