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14. Upon the sale of the MSD Business, the Cloud Computing Business ("CC Business") was the only business of the Company. In the Notice of Motion filed in the suit, the Company stated that the value of the CC Business was approximately US $ 150 Million. However, the Petitioner contended that this was not the correct valuation. In view thereof, by an order dated 23 rd December, 2011, this Court passed an order appointing Ernst and Young ( E & Y) to submit a valuation report. On 14 th February, 2012, E & Y valued the CC Business at INR 598 Million. In view thereof, this Court passed an ad-interim order directing the Company not to dispose of its CC Business and the Petitioner was allowed to apply for a copy of the E & Y Report. The Petitioner engaged Grant Thornton to conduct an independent valuation exercise and Grant Thornton issued a report (G.T. Report) wherein the CC Business was valued at KPP -8- CP 28 of 2012 INR 198 to 239 crores.

(ii) On 12th October, 2011, the Company invested US $ 5.1 million (INR 24.7 crores) in Zenith Cloud Computing FZC, UAE. As of 30 th September, 2011, Zenith Cloud was a related party and owned by the Saraf family and owed INR 30 lakhs to the Company. While the Company in its disclosure affidavit dated 23rd January, 2012, stated that purported investments had been made in Zenith Cloud, the Company has not provided any evidence as to the nature of the purported investment i.e. whether as equity or debt and has not given any reason as to why such investments were made from the sale proceeds of the MSD Business especially given the fact that the Company had obtained permission from shareholders to specifically repay the FCCB holders and had defaulted on such payment. Also the Company has not ascribed any valuation to this investment and has not sated the networth of Zenith Cloud or what ownership the Company acquired.