9911796707
TMI Blog2001 (8) TMI 1451X X X X Extracts X X X X X X X X Extracts X X X X ..... ond respondent would be treated as 50 per cent shareholder each in the company and that the petitioner would go out of the company on receipt of fair consideration for her 50 per cent shares in the company. The fair value was to be determined by an independent valuer mutually acceptable to the parties. Both the parties were to appear before this Bench on 15-11-2000 for appointment of a valuer. Since the parties could not agree on the name of the valuer, the same was left to this Bench to decide. Accordingly, this Bench passed an order on 22-12-2000 appointing Shri Vinod Jain, Chartered Accountant, New Delhi to determine the fair price of the shares of the company and in that order it was also stipulated that the date of valuation would be b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be the basis for valuation of the shares. 3. Shri Vikas Mathur, Advocate appearing for the petitioners, submitted that the respondents have removed various assets of the company after the dispute started and, therefore, valuing the shares as on 25-9-2000 would be unfair and prejudicial to the petitioners. He pointed out that for valuation of shares in a 397/398 petition, the date adopted is the date of the petition and, therefore, the order of this Bench dated 25-9-2000, fixing the date of valuation as on 31-3-1997 does not require any change. 4. We have considered the arguments of the counsel. The determination of date of valuation of shares in a 397/398 petition has been discussed in various cases. In Co-operative Wholesale Society ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ate and preparation of a balance sheet on that date is also not possible due to the absence of records of the company and in view of the fact that after the filing of the petition there have been events affecting the affairs of the company having bearing on the valuation, it has become necessary to modify that order. The balance sheet as on 31-3-1995 is on record wherein the complete assets and liabilities of the company as on that date have been indicated and audited. Therefore, for the purposes of ascertaining the assets and liabilities, the valuer will take balance sheet as on 31-3-1995 as the basis. Both the petitioners and the respondents are at liberty to bring to the notice of the valuer all the events that had taken place after this ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
