M/S. Elder Pharmaceuticals Ltd. v. M/S. Apm Industries Ltd.

1 of 9 APP.162.2016

IN THE HIGH COURT OF JUDICATURE AT BOMBAY

ORDINARY ORIGINAL CIVIL JURISDICTION APPEAL NO.162 OF 2016 COMPANY PETITION NO.178 OF 2015 M/s.APM Industries Limited APPEAL (L) NO.769 OF 2015 Tata Capital Financial Services Ltd.

APPEAL NO.238 OF 2016 COMPANY PETITION NO.961 OF 2014 Mak Polyplast APPEAL NO.180 OF 2016 COMPANY PETITION NO.768 OF 2015 M/s.Kamal Supers Limited APPEAL NO.172 OF 2016

2 of 9 APP.162.2016 COMPANY PETITION NO.312 OF 2015 M/s.Excelsior Business Link Ltd.

APPEAL NO.175 OF 2016 COMPANY PETITION NO.24 OF 2015 Rakesh Singh APPEAL NO.160 OF 2016 COMPANY PETITION NO.19 OF 2015 F.C.Properties & Developers Pvt.Ltd.

APPEAL NO.161 OF 2016 COMPANY PETITION NO.19 OF 2015 Fairtex International APPEAL NO.179 OF 2016 COMPANY PETITION NO.23 OF 2015

3 of 9 APP.162.2016 Pioneer Enterprises APPEAL NO.165 OF 2016 COMPANY PETITION NO.976 OF 2014 RB Financial Services Pvt.Ltd.

APPEAL NO.294 OF 2015 COMPANY PETITION NO.961 OF 2014 Tata Capital Financial Services APPEAL NO.164 OF 2016 COMPANY PETITION NO.16 OF 205 S.P.Shah HUF APPEAL NO.181 OF 2016 COMPANY PETITION NO.25 OF 2015 Jyoti Sodhani

4 of 9 APP.162.2016 APPEAL NO.177 OF 2016 COMPANY PETITION NO.235 OF 2015 Neville Maneck Gyara and another Respondents APPEAL NO.167 OF 2016 COMPANY PETITION NO.776 OF 2014 Silver Quest (India) Pvt.Ltd.

APPEAL NO.170 OF 2016 COMPANY PETITION NO.136 OF 2016 MAK ampoules Pvt.Ltd.

APPEAL NO.171 OF 2016 COMPANY PETITION NO.42 OF 2015 Kaveri Impex Pvt.Ltd.

APPEAL NO.168 OF 2016

5 of 9 APP.162.2016 COMPANY PETITION NO.47 OF 2015 Sumit Resorts and Farms Pvt.Ltd.

APPEAL NO.178 OF 2016 COMPANY PETITION NO.26 OF 2015 Jagruti K. Bavishi APPEAL NO.184 OF 2016 COMPANY PETITION NO.112 OF 2015 Western Logistics Pvt.Ltd.

APPEAL NO.183 OF 2016 COMPANY PETITION NO.177 OF 2015 M/s.Rajgarhia Leasing & Finance Service Ltd. Respondent APPEAL NO.166 OF 2016 COMPANY PETITION NO.990 OF 2014

6 of 9 APP.162.2016 Sunchan Finance Limited APPEAL NO.182 OF 2016 COMPANY PETITION NO.20 OF 2015 Ground Control Properties Pvt.Ltd.

APPEAL NO.176 OF 2016 COMPANY PETITION NO.21 OF 2015 Kiran Properties LLP Mr.Pankaj Sawant, Senior Advocate, with Mr.Ali Abbas Delhiwala, Ms.Tripty Kapadia, Ms.Nidhi Singh i/by Joy Legal Consultants for Appellant.

Mr.Aziz Khan with Mr.J.A.Choshi i/by Divya Shah Associates for Respondents in Appeal Nos.161/2016, 164/2016, 165/2016, 175/2016, 176/2016, 178/2016, 179/2016, 181/2016 and 182/2016.

Ms.Niyati J. i/by W.S.Kane & Co. for Respondent in Appeal No.294/2015.

Mr.S.U.Kamdar, Senior Advocate, with Mr.Simil Purohit and Mr.Tushar Kadam i/by MDP & Partners for Respondent in Appeal (L) No.769 of 2015.

Ms.Dipti Panda i/by Narayanan & Narayanan for Respondent in Appeal Nos.170/2016 and 238/2016.

Mr.D.J.Kakalia with Mr.Vaibhav Sharma i/by M/s.Mulla & Mulla & CBC for Respondent in Appeal No.177/2016.

7 of 9 APP.162.2016 Mr.D.Banerji i/by Z.H.Zaidy for Respondent in App.184/2016. Mr.Kunal Chheda i/by M.V.Kini & Co. for Axis Fund in Appeal No.769/2016 and App.294/2015.

CORAM : A.S.OKA AND P.D.NAIK, JJ.

DATE : 05th April 2016 PC :

1.

Appeal No.256 of 2014 is wrongly tagged with the entire group. The same shall be detached and fixed on 2nd May 2016. Appeal No.238 of 2016 is not on board. The same is taken on board.

2.

Learned Senior Advocate appearing for the Appellant, on instructions of Mr.Alok Saxena, Managing Director of Elder Pharmaceuticals Limited, seeks permission to unconditionally withdraw these appeals. However, he prays that the ad-interim order granted in terms of clauses (ii) and (iii) of paragraph 5 of the order of earlier Division Bench dated 21st October 2015 be continued for a period of 90 working days expiring on 04th August 2016.

3.

The last prayer made by the learned Senior Advocate for the Appellant is opposed by the learned counsel representing the Respondents.

8 of 9 APP.162.2016 4.

Clause-(iii) of the said order records that there will be stay of further proceedings before the learned Single Judge. Though the request made by the learned Senior Advocate appearing for the Appellant deserves to be accepted, the proceedings of Company Application No.626 of 2015 filed in Company Petition No.768 of 2015 or proceedings of any other application for appointment of investigating agency, cannot be stayed and the said prayer will have to be considered by the learned Single Judge in accordance with law.

5.

Accordingly, we pass following order :

(a) The appeals are dismissed as unconditionally withdrawn; (b) Clause-(ii) of paragraph 14 of the operative part of the impugned order dated 1st October 2015 shall not be implemented till 04th August 2016;

(c) Clause-(iii) of the paragraph 5 of the order dated 21st October 2015 will continue to operate till 04th August 2016 with a clarification that this order will not prevent the learned Company Judge from dealing with the prayer made in Company Application No.626 of 2015 or any other company application confined to appointment of an investigating agency. The learned Company Judge shall deal with such prayer in accordance with law. All contentions of the parties in that behalf are kept open;

9 of 9 APP.162.2016 (d) We make it clear that no further extension shall be granted to the Appellant;

(e) All pending Notice of Motions in above appeals do not survive and stand disposed of as such.

(P.D.NAIK, J.) (A.S.OKA, J.) MST