India Infoline Finance Ltd. v. Business India Holdings Pvt. Ltd. Cin No U67120mh1995ptc093326
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IN THE HIGH COURT OF JUDICATURE AT BOMBAY
ORDINARY AND ORIGINAL CIVIL JURISDICTION COMPANY PETITION NO.459 OF 2016 India Infoline Finance Limited ....Petitioner Vs.
Business India Publication Ltd.
....Respondent WITH COMPANY PETITION NO.460 OF 2016 ---- Mr. Vaibhav Charalwar i/b. Mr. Mahesh Mahale for petitioner (in both petitions.
Mr. R. Venkataraman, director of petitioner present. Mr. Bharat Merchant i/b. Thakordas Madgavkar for respondent. Mr. Ravi Agrawal, director of respondent present. ---- CORAM : K.R.SHRIRAM, J.
DATE : 3rd SEPTEMBER 2019 P.C.:
COMPANY PETITION NO.459 OF 2016 Parties have entered into consent terms dated 27th August 2019. The consent terms signed by the whole time director of petitioner alongwith other person, the director of respondent - Ravi Agrawal and their respective advocates is taken on record and marked "X" for identification. Both counsel state that the signatories to the consent terms are present in Court and identify them.
Order in terms of the consent terms. All statements accepted as undertakings to this Court. Undertaking of respondent and its directors to strictly and meticulously comply with the undertakings and assurances recorded in the consent terms is accepted. Mr. Ashok Advani, who was the promoter of respondent states that he has been disqualified as director of
2/11 respondent company but he still is in-charge of the day to day management of the company with the directors of the company. Mr. Advani personally undertakes and assures that he will ensure that the undertakings as recorded in the consent terms and statements and assurances as recorded in the consent terms will be strictly and meticulously complied with. Statement accepted with a caution to Mr. Advani that this is the third undertaking that he is giving to the Court and any breach will be viewed very strictly. For ease of reference, the consent terms is scanned and reproduced hereinbelow :
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10/11 Mr. Charalwar states that the petition has not been advertised after it was admitted and therefore, petition can be disposed in terms of the consent terms.
Petition disposed in terms of the consent terms. Mr. Merchant states that as directed by this Court, respondent is giving a donation of Rs.50,000/- to Tata Memorial Hospital by way of pay
11/11 order issued by Bank of India and this pay order will be deposited with Tata Memorial Hospital during the course of today and proof of payment will be provided to petitioner's advocates and also filed in the registry by tomorrow, i.e., 4th September 2019.
Mr. Merchant states that the show cause notice issued to respondent and its directors be discharged. That can be considered only when respondent explains the reason why they had committed breach of the undertakings given to the Court. Mr. Merchant states that during the course of today, an affidavit will be filed.
Stand over to 4th September 2019 for directions. All to act on authenticated copy of this order. COMPANY PETITION NO.460 OF 2016 In view of the above order, Mr. Charalwar seeks leave to withdraw the petition and states that this petition has not been advertised. Petition dismissed as withdrawn.
(K.R. SHRIRAM, J.)