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TMI Blog2021 (6) TMI 350X X X X Extracts X X X X X X X X Extracts X X X X ..... levels of the State Government. For this, it was necessary to have a duly elected government. This process was completed, and the new government was sworn in only on 10.05.2021. The ends of justice will be met if further time of eight weeks is granted as a last opportunity to complete the decision-making process for acquisition of Nicco Corporation Limited's shares in NPRL - application disposed off. - IA IB No. 470/KB/2021 in IA IB No. 643/KB/2020 in CP (IB) No. 03/KB/2017 - - - Dated:- 2-6-2021 - Rajasekhar V.K., Member (J) and Harish Chander Suri, Member (T) For the Appellant : Kishore Dutta, Advocate General, Sumita Shaw, Advocate and Debendra Raut, PCS For the Respondents : Joy Saha, Sr. Advocate, Barsha Dikshit, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... STAGE I Liquidator shall approach NPRL for valuation of the shares by a registered valuer interms of section 247 ofCompaniesAct,2013. T STAGE II NPRL Shall appoint a registered valuer for carrying the valuation of the said shares in terms of the order dated 18.02.2021 T+13 STAGE III The valuer so appointed shall arrive on the fair valuation of the shares after taking into account the average price of the shares ruling on the recognised stock exchange on which such shares are quoted for the preceding 6 months. T+101 STAGE IV NPRL s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and Industries Department. 6. All the key decisions related to the Applicant and its assets are taken only after due consideration of the aforementioned personnel since they involve public money which is required to be appropriated from the West Bengal Consolidated Fund. Further, the Finance Department of the Government of West Bengal is also required to be consulted before taking any such decision, since the amount involved in the present exercise is ₹ 52,54,47,000/- (Rupees fifty-two crore fifty-four lakh forty-seven thousand only). 7. Soon after the decision of this Adjudicating Authority in the common order dated 18.02.2021 in IA No. 643/KB/2020 and IA No. 969/KB/2020, the general elections to the legislative assembly of Wes ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ceipt of the offer from the Liquidator on 31.03.2021, the same was brought to the notice of the Government and was discussed at length at the highest level of authorities. The said acquisition of shares would eventually increase the shareholding of the State Government to more than fifty per cent that would, in effect, render the company a State Government company. This being a major policy level decision, needs to be approved by the cabinet. 11. Moreover, the sum of money fixed for the acquisition of the shares is substantially higher than that submitted by the Liquidator from time to time. There has been a dynamic upward shift in the price being offered now than the price that was fixed initially, i.e., Rupees thirty crore. This upward ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion towards our order dated 18.02.2021. He submitted that after passing of the order, the Liquidator approached NPRL for appointment of a registered valuer on 19.02.2021. On 03.03.2021, NPRL sent a letter of appointment to the Registered Valuer with copy marked to the Liquidator. On 31.03.2021, NPRL forwarded the valuation report, and on the same date, the Liquidator sent the offer letter to WBTDC and WBIDCL for purchase of 1.17 crore shares at a price of ₹ 44.91 per share, as per valuation. 15. At all stages, the Applicant has gotten a fair chance to purchase the shares of NPRL. However, first, the Applicant waited for two years to file the main application in which direction were passed on 18.02.2021, then they did not utilise t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... general elections is announced by the Election Commission of India, the model code of conduct kicks in and the Government concerned is duty-bound not to take any major policy decisions. The acquisition of shares held by Nicco Corporation Limited in NPRL is indeed a policy decision to be taken at the highest levels of the State Government. For this, it was necessary to have a duly elected government. This process was completed, and the new government was sworn in only on 10.05.2021. 20. The learned Advocate General assures us that the applicant will abide by whatever timeframe is fixed by this Adjudicating Authority. He also submitted that steps have already been initiated for placing the files before the State Cabinet for decision. 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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