Supreme Court - Daily Orders
Arunachalam Muthu And Anr. vs Nafan B.V. . And Ors. on 9 December, 2015
Bench: Pinaki Chandra Ghose, R.K. Agrawal
ITEM NO.1 COURT NO.12 SECTION IX
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). 33302/2015
(Arising out of impugned final judgment and order dated 29/10/2015
in CA No. 21/2015,29/10/2015 in CP No. 62/2009 passed by the High
Court Of Bombay)
ARUNACHALAM MUTHU AND ANR. Petitioner(s)
VERSUS
NAFAN B.V. AND ORS. Respondent(s)
WITH
SLP(C) No. 33836/2015
(With appln.(s) for exemption from filing c/c of the impugned
judgment and appln.(s) for permission to file synopsis and list of
dates and Interim Relief and Office Report)
SLP(C) No. 33872/2015
(With appln.(s) for exemption from filing c/c of the impugned
judgment and appln.(s) for permission to file synopsis and list of
dates and Office Report)
SLP(C) No. 33876/2015
(With appln.(s) for permission to file additional documents and
appln.(s) for exemption from filing c/c of the impugned judgment
and appln.(s) for permission to file synopsis and list of dates
and Office Report)
SLP(C) No. 33928/2015
(With appln.(s) for exemption from filing c/c of the impugned
judgment and Interim Relief and Office Report)
Date: 09/12/2015 These petitions were called on for hearing today.
CORAM :
HON'BLE MR. JUSTICE PINAKI CHANDRA GHOSE
HON'BLE MR. JUSTICE R.K. AGRAWAL
For Petitioner(s)
Mr. Kapil Sibal, Sr. Adv.
Mr. P. Chidambaram, Sr. Adv.
Mr. K.V. Viswanathan, Sr. Adv.
Mr. Akhil Sibal, Adv.
Mr. Ranbir Singh, Adv.
Mr. R.N. Karanjawala, Adv.
Ms. Ruby Singh Ahuja, Adv.
Ms. Aakanksha Munjhal, Adv.
Signature Not Verified
Digitally signed by
Mr. Karan Dev Chopra, Adv.
Vishal Anand
Date: 2015.12.15
14:42:32 EASST
Ms. Deepti Sarin, Adv.
Reason:
Mr. Harsh Trivedi, Adv.
Mrs. Manik Karanjawala, Adv.
M/s. Karanjawala & Co.,Adv.
-2-
Mr. Huzefa Ahmadi, Sr. Adv.
H. Shankar, Adv.
Mr. Gaurav Agrawal,Adv.
For Respondent(s)
Mr. K.K. Venugopal, Sr. Adv.
Mr. Mishra Saurabh,Adv.
Dr. Abhishek Manu Singhvi, Sr. Adv.
Mr. S. Sarkar, Sr. Adv.
Mr. Dushyant Dave, Sr. Adv.
Mr. P. Mishra, Sr. Adv.
Mr. Amar D., Adv.
Mr. Ishan Gaur, Adv.
Mr. S. S. Shroff,Adv.
UPON hearing the counsel the Court made the following
O R D E R
Applications for exemption from filing c/c of the impugned Judgment, permission to file synopsis and list of dates are allowed.
We have heard Mr. Kabil Sibal, learned Senior counsel appearing for the petitioners and Dr. A.M. Singhvi, learned Senior counsel appearing for the respondents at length today.
Issue notice.
Learned Advocates-on-Record who are on caveats accepts and waives formal notice.
We have perused the impugned Judgment and Order passed by the High Court of Bombay in the matters.
We modify the Order passed by the High Court in Part-I with regard to `g' which shall be as follows”-
“Any Director of the Company shall be at liberty to ask for any access with regard to the accounts to the Administrator and/or in the meetings of the Board of Directors and that will be furnished by the Administrator to him.” As regards the Order in Part-I as at Clause `e' so passed by the High Court is concerned, we modify the order as follows:-
“If necessary, the Administrator in the meetings of the Board of Directors can ask for an independent person's assistance which should be passed in the meetings of the Directors. Each party shall co-operate with the learned Administrator appointed by the High Court in the matter.-3-
We make it clear at this stage that it is necessary for the Muthu Group to deposit the undated share transfer forms along with the original Share Certificates with the Administrator already appointed in the matter by the High Court.
As regards Order in Part-I as at `c', the same shall continue. As regards the Order in Part-I as at Clause `a' so passed by the High Court is concerned, we modify the order to the following extent:-
“As the order has been passed by the High Court putting the clause (a) at page 188 Part I, we only modify to the extent that this suspension has been done only to give effect with regard to clause `c' of Part I and further clause be added that the parties shall have the right to appoint their directors in the company and the work of the Company should carry on under the Board.
As regards other clauses in Part I from `h' onwards and Part II, we pass an interim stay at this stage.
The interim orders already passed by the High Court, subject to variations made by us, will continue to operate till final disposal of these matters. The company will run under the supervision of the Administrator.
Liberty is granted to the learned Senior counsel appearing for the parties to file affidavit within a period of two weeks from today.
On the joint prayer made by the learned Senior counsel appearing for the parties, list the Special Leave Petitions in the first week of February, 2016.
(VISHAL ANAND) (SNEH LATA SHARMA)
COURT MASTER COURT MASTER