9911796707
TMI Blog2005 (9) TMI 328X X X X Extracts X X X X X X X X Extracts X X X X ..... d by the order of the learned Single Judge dated 26-9-2005, refusing to grant ad-interim relief in view of the order passed in Notice of Motion No. 2260 of 2005. That Motion has also been taken out by the plaintiff in the same suit. The learned Counsel has raised various Contentions before us and has argued that the allotment of the equity shares in favour of Defendant No. 7 is illegal, null and void . For that purpose the learned Counsel has placed reliance on Regulation No. 3( c )( ii ) of the Securities Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulation, 1997. It has been pointed out that transfer of shares contrary to the said Regulation is a nullity at law. Reliance for that purpose has been placed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n of shares/convertible debentures by defendant Nos. 1 to 6 to defendant Nos. 1, 8 to 12 is contrary to SEBI Regulations quoted earlier. Defendant Nos. 1 to 6 have no right to manage the defendant No. 7 or take decision on its behalf or to raise funds for and on behalf of defendant No. 7. Consequently in the Motion the injunction is sought to restrain the defendant No. 7 and its officers, servants and agents from creating, offering, issuing and/or allotting any equity shares or convertible preference shares/debentures/warrants, Foreign Convertible Currency Bonds (FCCBs), Global Depository Receipts (GDRs), American Depository Receipts (ADRs) or any other convertible instruments. Further injunction is sought to restrain the defendant Nos. 1 t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . Modi before the Delhi High Court in which interim relief was sought. The plaintiffs therein are some of the appellants herein who had challenged the allotment of CRCPS by Respondent No. 7 to Respondent No. 1. The suits were filed sometime in the year 2000. Interim reliefs have been rejected. There were also Company proceedings in which also the allotment was challenged but interim relief has been rejected. In other words the Modi group has been unable to get any relief. After rejection of those proceedings for interim relief the present suit was filed, for same or similar reliefs and some subsequent reliefs. 4. The question is whether in the light of what is stated above this Court ought to interfere with the order of the learned Sing ..... X X X X Extracts X X X X X X X X Extracts X X X X
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