2012 (8) TMI 1087

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..... ves in the Co. Petition No.7/2011, by filing Misc. Case No.963/2012. Mr. K N Choudhury, the learned senior counsel appears for the opposite party/petitioner. The applicant purchased 30 lakhs redeemable cumulative convertible preference shares from the ICICI Bank, which were eventually taken over by the Standard Chartered Bank. These shares with a face value of ₹ 100/- were sold at a nomin .....

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..... submits that unless the rights of the applicant are crystallized through a positive order of the CLB, they can't have any reasonable basis for interfering in the present proceeding. Mr. R Barpujari, the learned counsel on behalf of the applicant concedes that an application was filed under Section 111 of the Companies Act for declaration of the legal right of the applicant as share holder .....

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..... tallized and at this stage it is difficult to recognize them as either share holder or creditor of the petitioner Company. The preference shares of ₹ 100/- each was purchased at a nominal value of 13 paise per share and considering the fact that the ICICI Ltd. was a party to the CDR settlement process, I am of the view that it would be inappropriate to permit the impleadment of the applicant .....

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