2012 (11) TMI 1225 - HC - Companies Law

Summary

Issues involved: Ex-parte ad-interim injunction restraining transfer of shares and payment of dividend, failure to file objection to injunction application, direction to release dividend for the financial year 2011-12, liberty to file written statement against injunction.

Ex-parte ad-interim injunction: The appeal was against an order passed by the Civil Judge, Jorhat, restraining the defendant from selling, transferring, or exercising voting rights over 2,21,230 shares of a company. The defendant had not filed any objection to the injunction application. The appellant agreed not to transfer the shares until further court orders. The court directed the release of dividend for the financial year 2011-12 to the defendant, to be deposited in court and released upon execution of an indemnity bond.

Payment of dividend: The plaintiff company had already paid dividends to the defendant for the years 2009-10 and 2010-11. The appellant's grievance was that the payment of dividend for the year 2011-12 was withheld without sufficient reason. The court directed the plaintiff to release the dividend for 2011-12 to the defendant, with the option to claim temporary injunction for future dividends. The payment was to be made by draft in the name of the appellant and released upon execution of an indemnity bond.

Direction to trial court: The trial court was directed to examine the remaining issues on the next date, and the defendant was given liberty to file a written statement against the injunction and temporary injunction. The appeal and miscellaneous case were disposed of with the above directions.