Indian Kanoon - Search engine for Indian Law

M/s. T.K. International Limited did not have 33% shareholding since incorporation. It is clear that the SPV so constituted was not in accordance with Clauses 5.4.3 and 5.13 at the time of its incorporation and even later. The said clauses required that the SPV had to be promoted and incorporated by the Consortium Members. The SPV was not formed by the Consortium Members, but was formed by one M/s. Zoom Motels (P) Ltd., when was not one of the Consortium members at all, and this Company held 9900 shares out of the 10000 issued shares. It has been later informed that the shares of this SPV were transferred on 20.04.2008 in the ratio of 67% [6700] shares] and 33% [3300 shares] in favour of the Consortium members, M/s. Zoom Developers (P) Ltd. and M/s. T.K. International Limited. When you were asked to produce the documents in support of the shareholding, the same was never forwarded to us.