Dlf Limited vs Twenty Five Downtown Realty Limited & ... on 8 May, 2024
395/2023 titled Chinsha Property Pvt. Ltd. v.
PNB Housing Finance Limited & Ors. In the second petition, it was stated
that subsequent to the order dated 18th September, 2023, that provided DLF
Ltd. interim relief, the Respondents continued to manipulate the
shareholding structure of JHL. On 3rd October, 2023, a new board approved
by Hubtown and other related entities, issued an increase in JHL's share
capital and issued new shares to one company, namely, Akruti Nirman Pvt
Ltd. (hereinafter, 'Akruti'), thereby allegedly diluting the DLF's share to
less than 1%. Such acts were part of a series of steps taken to alter the
governance structure and equity basis of JHL. In the said petition under
Section 9 of the 1996 Act, DLF Ltd. inter alia sought directions to restrain
JHL from issuing and, or allotting any further equity shares of JHL in favour
of Akruti. Further, in the event that equity shares have been preferentially
Signature Not Verified
Digitally Signed O.M.P.(I) (COMM.) 137/2024 Page 10 of 22
By:DHIRENDER KUMAR
Signing Date:13.05.2024
17:19:29
issued and allotted to Akruti, then to place such additional shares in
suspended animation and order such shares to be placed in receivership. In
the said petition, vide order dated 14th December, 2023, further directions
were issued in the following terms: