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PNR,J & NBK,J

3. Parties are referred to as claimants and respondents. First claimant is a public limited company incorporated under the Companies Act, 1956, represented by the second claimant. The second claimant is the Managing Director having 49,50,000 lakhs equity shares of 10/- each. Sri Bhavani Rajiv Sagar, the son of second claimant and Managing Director of M/s.SCIL Infracon Private Limited (3rd respondent) was having 5,47,700 equity shares and Sri K.Venkateswara Prasad, brother of the 2nd claimant, was having 2300 equity shares of the 3rd respondent, the total of which comes to 55 lakhs equity shares. On 12.09.2009 M/s.HBL Power Systems Limited (1st respondent) entered into a Memorandum of Understanding (MoU) with the 3rd respondent agreeing to buy concrete towers being manufactured by the 3rd respondent for a period of five years. On 29.09.2009, 3rd respondent, the claimants and M/s.Regal Corporate Services Private Limited jointly entered into an agreement. According to this agreement, 3rd respondent would repay unsecured loans within agreed period and buy 45 lakhs equity shares. On 30.09.2009, agreement was entered into, where under 1st claimant agreed to sell and transfer 55 lakhs fully paid equity shares of 3rd respondent in favour of 1st respondent for a total sale consideration of 7,51,25,000/-. On PNR,J & NBK,J 13.03.2010 and 14.03.2011, two supplemental agreements were executed by the parties to the original agreement and in all, 55 lakhs fully paid equity shares of 3rd respondent were sold under three agreements. It is the allegation of the claimants that the, first respondent only paid 4,63,93,344/- in piece meal, leaving balance of 2,87,30,656/-, which together with interest comes to 11,04,71,344/- by 31.08.2020.