Bombay High Court
The Custodian vs Piramal Enterprises Ltd on 27 September, 2018
Author: A. K. Menon
Bench: A. K. Menon
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sbw IN THE SPECIAL COURT (TRIAL OF OFFENCES RELATING TO
TRANSACTIONS IN SECURITIES) ACT, 1992
MISCELLANEOUS APPLICATION NO.38 OF 2018
The Custodian ... Applicant
v/s.
Piramal Enterprises Ltd. ... Respondent
Mr. Gandhar Raikar a/w Ms. Shilpa Bhate I/b. Leena Adhvaryu for the applicant.
Ms. Melanie D'Souza I/b. A. S. Dayal & Associates for the respondent nos.1 & 2.
Mr. Ashwin Mehta a/w Sanjay Naukudkar for the notified party- respondent nos,3 to 9.
CORAM : A. K. MENON (JUDGE SPECIAL COURT) DATED : 27TH SEPTEMBER, 2018 P.C. :
1. By this Misc. Application, the Custodian seeks leave to apply for Rights shares as detailed in Exhibit B and for taking necessary steps in that behalf including of release of funds from the attached account of the notified parties. An affidavit has been filed by one Amey Jogas on behalf of respondent no.1 in which states that pursuant to request dated 12th February, 2018 made by the office of the Custodian, the issue of Right shares held by the notified parties as disclosed in Exhibit A to the reply have been kept in abeyance. The entitlement is also described 2 24.spma-38.18.odt against each of the shareholders totaling to 2314 shares. Considering the ratio some of the shareholders are not entitled to Right shares.
2. On behalf of the respondent nos.3 to 9, they have no objection to the shares being subscribed. In the affidavit filed on behalf of the respondent no.1, the deponent has disclosed that in addition to the shares contemplated in Exhibit D comprising of 16 folios there are 14 additional folio numbers collectively amounting to 30 folios as disclosed in Exhibit A. Mr. Mehta states that these 14 folios have been disclosed only now and the company has not been paying dividend on the shares held under these 14 folios.
3. On behalf of respondent no.1, the learned counsel seeks time to ascertain the factual position and place the same on oath. An affidavit to be filed shall also disclose the availability of the physical share certificate and reasons why these disclosures was not made earlier as also the status of dividend on each of these shares.
4. On behalf of the Custodian, it is submitted that there may be other notified parties who are also shareholders and such information may not have been disclosed to the Custodian. Accordingly, the affidavit shall also specify all the particulars of all other notified parties holding shares in the first respondent.
5. Affidavit to be filed on or before 10 th October, 2018 with advance copies to the other side.
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6. Stand over to 11th October, 2018.
(A. K. MENON, J.) wadhwa Sandhya Bhagu Wadhwa Digitally signed by Sandhya Bhagu Wadhwa Date: 2018.09.29 12:32:34 +0530