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TMI Blog2020 (12) TMI 28X X X X Extracts X X X X X X X X Extracts X X X X ..... s Bench, transferred to this Bench and numbered as TCP/120/KOB/2019. The petition has been filed by M.T.P.Mohammed Kunhi against M/s Prime Habitats Private Limited and others. The company was incorporated on 30.8.1994 having its authorised share capital of Rs. 15,00,000/- and paid up capital of Rs. 14,64,000/-. The main object of the company as per the Memorandum of Association is "to purchase, sell, lease, construct all kinds of residential/commercial premises/structures, villas, apartments and bungalows. 2. The reliefs sought for by the petitioner in the TCP are as under: i. To remove the Respondent-Directors from the Board of the Company and appoint such number of persons as Directors as deem fit by this Hon'ble Tribunal for prope ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... any, M/s. Triumph Finance Pvt. Ltd which is managed by them after due notice to them for Compulsory purchase of their shares in the 1st Respondent-Company; vi. To impose the costs of this Company Petition as may be deemed fit. 3. Notice was issued to the respondents and Respondents 1&2 filed their counter and the applicant filed rejoinder. On 2nd September, 2020 the applicant filed a proposal for settlement of disputes between the parties, stating that in order to protect the interests of the respondent company, the petitioner made an offer for the purchase of the share by the 2nd respondent Shri Ravi Gupta and his group at a price of Rs. 2,500/- per share by way of an exit option which the petitioner and his group are willing to exercis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t, the share of the petitioner in the respondent company have been taken over by the 2nd respondent Mr. Ravi Gupta for Valuable consideration and the 2nd respondent taken over the Respondent Company. The conditions mentioned in the Settlement Agreement are as under:- 1) The First party shall have no objection in selling the property of the company having an extent of 5 Ares and 8 Square Meter in Re-Survey No.56 and Block 1 in Kannur 1 amsom Kannur Karar Desom Ward 4 to the proposed purchasers-with whom the second party has already entered an agreement for sale of the above property for a sum of Rs. 102,00,000 (One Crore and Two Lakhs only) provided the second party pays a sum of Rs. 18.30 lakhs to the first party as mentioned below as agr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nch seeking to withdraw the Company Petition No. TCP/120/KOB/2019. 5) This Deed of Settlement Agreement will come into force on receipt of Rupees Eighteen lacs and thirty thousand by the party of the First Part from Mr. Ravi Gupta representing the party of the Second Part irrespective of the date of execution of this Deed of Settlement Agreement. 6) Both parties hereby agree that the terms of this agreement will be complied with within a period of 20 days from the date of execution of this Deed of Settlement Agreement and the time is considered by both parties as essence of this Agreement. 7) In the event of any dispute touching on this Deed of Settlement Agreement the same will be referred to arbitration by any or both parties and a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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