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TMI Blog2021 (2) TMI 123X X X X Extracts X X X X X X X X Extracts X X X X ..... rporate restructuring by way of incorporating a Holding Company and bringing three of the group companies under it thereby establishing a holding-subsidiary relationship and to require the maintenance of status quo as regards to shareholding pattern of the Company as well as not to resort to alienation, transfer, lien, lease etc of the movable/immovable properties of the R-1 Company as ordered by the Hon'ble Tribunal vide its order dated 04.11.2019 and 06.01.2020." 2. The relevant portion of the Interim Order passed on 04.11.2019 in IA/54/KOB/2019 in CP/113/ KOB/ 2019 is as under: The petitioner sought an interim order. After hearing both the parties, it is directed to maintain status quo as on the date of filing of this petition as rega ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rds to the shareholding pattern of the Company as well as not to resort to alienation, transfer, lien, lease, etc of the moveable/ immovable properties of the Company till further orders. Thereafter, on 19.12.2019, this Tribunal had passed another Interim Order partially modifying the Order, whereby the 1st Respondent was directed to maintain status quo as on the date of filing of the Company Petition as regards the shareholding pattern of the Company. Further, the moveable and immovable assets/ properties of the Company shall be used only for the benefit and business purposes of the Company to enable it to carry on day to day business in a smooth manner and on 06.01.2020, this Tribunal has passed an Interim Order wherein it was specificall ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as now come up with another deceptive concept and that too in an entirely different role. This corporate restructuring is seemingly done, with an unscrupulous and ill-intention, whereby Respondent No. 4 plans to ward off those who raise uncomfortable questions about the unethical management of Respondent No. 1 and other BRD Group Companies by Respondent No. 4 and other Respondents, like a holding-subsidiary relationship. This is to be construed as part of their age-old strategy, successfully implemented in Respondent No. 24 Company (SML Finance Limited) and which they are currently implementing in Rajputana Investment & Finance Limited, a listed Company, recently acquired by Respondent No. 4 through the BRD Group Companies. 7. The Applican ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... indeed a surprising situation and questions the significance assigned by Respondent No. 13 to the legal system. 9. In the above circumstances the Applicant filed this Application to refrain the act of the Respondent No. 1 Company to initiate the corporate restructuring by way of incorporating a Holding Company and bringing three of the group companies under it thereby establishing a holding-subsidiary relationship and to require the maintenance of status quo as regards to shareholding pattern of the Company as well as not to resort to alienation, transfer, lien, lease etc of the movable/immovable properties of the R-1 Company as ordered by this Tribunal vide its order dated 04.11.2019 and 06.01.2020. 10. When the matter was taken up for ..... X X X X Extracts X X X X X X X X Extracts X X X X
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