9911796707
TMI Blog2011 (12) TMI 684X X X X Extracts X X X X X X X X Extracts X X X X ..... apadia, Senior Counsel, a/w. Mr. Gaurav Joshi, i/b. RMG Law, for Defendant Nos. 1, 5 6 in N.M.No. 3520/2011. Mr. A. Bookwalla, Senior Counsel, a/w. Mr. Gaurav Joshi, i/b. RMG Law, for Defendant Nos. 1, 5 and 6 in N.M. No. 3527/11. Mr. V.R. Dhond, Senior Counsel, i/b. N. Desai Ass., for Defendant Nos. 2 to 4. S.J. KATHAWALLA, J 23RD DECEMBER 2011 1. The Plaintiffs have applied f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .1. (ii) The Valuer shall submit their report before this Court in a sealed cover on 31st January 2012. (iii) The Defendant No.1 shall file an Affidavit setting out the detailed particulars of the payments made to various parties by itself or its subsidiaries from the sale proceeds received from the MNS business as set out in paragraphs 12 and 13 of the Affidavit dated 16th December 2011 al ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is submitted that the Defendant nos. 5 and 6 who are holding 60 to 65% of shareholding in the Defendant No.1 Company shall in the garb of dividends siphon away substantial amounts from the coffers of the Defendant No.1 Company. The Learned Advocate appearing for the Plaintiffs therefore submits that the Defendant No.1 be restrained from considering the issue pertaining to declaration of dividen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Defendant No.1, no order pertaining to the issue of declaration of dividend being considered at the meeting of the Board of Directors on 3rd January 2012 is passed. Needless to add that the decision taken by the Board of Directors of the Defendant No.1 on 3rd January 2012 pertaining to declaration of dividend shall be subject to further orders passed by this Court on the adjourned date. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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