respect of sale of 3000000 equity shares of EIH Ltd post conversion of private limited
company into ... provisions of
section 47(xiiib) of the Act mandates that post conversion, there should not be any
payment to partners for prescribed period of time
English, on the ground that Arabic Pandit post and B.T. History post were sanctioned as supernumerary posts with effect from ... Respondents submitted that firstly, Arabic Pandit post is not a sanctioned post and it is only a supernumerary post and it is found as surplus
Officer has surrendered the post of PG Assistant (Political Science) and hence the said post is brought under common post. The second respondent ... submitted that the conversion is not sought for with retrospective effect. Since the petitioner has made the representation for conversion of post from the year
quoted hereinbelow:
"2. Terms & conditions of the Conversion:
1) Conversion Price: The parties hereto have agreed
to covert the optionally convertible redeemable
Debenture ... Optionally Convertible or Redeemable Preference
shares to the Investor.
xxxx
4. Post Conversion Rights of Investors
xxx
II. Following the conversion of present Debentures
shares were parted-away to anyone else and
that even post-conversion, the cost of acquisition of shares
had to be considered with reference
liable to be partitioned."
(emphasis supplied)
34. Since post-conversion of the suit property from leasehold to freehold
the land underneath is available
comparison with a series of decisions rendered in the context of conversion
of posts (DSE and others vs. S.Vanitha and others ... dated 26.04.2014)
settling the position that in the case of conversion of posts, approval has
to be granted from the date of appointment
money and not to make any adjustment on account of interest post
conversion of loan to share application money and accordingly this ground
minutes recorded inter alia the following:
"SDR Implementation & Equity Conversion:
AGM, Dena Bank informed that the presently equity share capital of
the Company ... their shares in the consortium.
WP-12620-2018
8
Pre Conversion Post Conversion
% Shareholding No of Shares % Shareholding No of Shares
Promoters
that on
account of the abolition of Group-D posts and their
conversion/ merger to Group-C posts of MTS - which
are required ... therein was that on account of abolition of Group-
D posts and their conversion/merger to Group-D posts of MTS which are
required
