Financial Technologies India v. Union Of India

IN THE HIGH COURT OF JUDICATURE AT MADRAS

Dated : 19.09.2016

CORAM

THE HONOURABLE MR.JUSTICE RAJIV SHAKDHER COM.APEL.NO. 2 OF 2016 and CMP.No.6518 of 2016 1 FINANCIAL TECHNOLOGIES INDIA LIMITED SHAKTI TOWER - 1, 7th FLOOR, PREMISES E 766, ANNA SALAI, THOUSAND LIGHTS, CHENNAI. ...Appellant Vs 1 UNION OF INDIA MINISTRY OF CORPORATE AFFAIRS, SHASTRI BHAWAN, NEW DELHI 110 001.

2 SHRI JIGNESH PRAKASH SHAH R-SQUARE CTS NO.547, PLOT NO.29 JAIHIND SOC, NS ROAD NO.12 JVPD SCHEME, VILE PARLE (W) MUMBAI 400 049.

3 SHRI DEWANG SUNDERRAJ NERALLA 501 RAMESHWARAN, KASHINATH THURU ROAD PALKIWADI, DADAR, MUMBAI 400 028.

4 SHRI MANJAY PRAKASH SHAH B-1/102 1ST FLR KAMLA NAGAR, M.G.ROAD, KANDIVALI WEST MUMBAI 400 067.

5 SHRI VENKAT CHARY TAHITI JUHU VERSOVA LINK ROAD, ANDHERI (W) MUMBAI 400 053.

6 SHRI RAJAN JODHRAJ KOCHAR 501-507, PALM COURT COMPLEX NEAR GOREGAON SPORTS COMPLEX, LINK ROAD, MALAD (W ) MUMBAI 400 064.

7 SHRI ACHUDANARAYANAN NAGARAJAN, 177, DEFENCE COLONY, EEKKATUTHANGAL, CHENNAI 32.

8 SHRI RAJENDRAN SOUNDARAM, 603 1A, NESTLE APPARTMENT, PB MARG WORLI, MUMBAI 400 013.

9 SHRI DEVENDRA KUMAR AGRAWAL 1601, CTS -171/1A/33 BLDG 4, SAPPHIRE HEIGHTS LOKHANDWALA TOWNSHIP, AKURLI ROAD, KANDIVALI (E) MUMBAI.

10 SHRI BERJIS MINOO DESAI YEZERINA II RD NO.5, 74/741, DADAR PARSSI COLONY DADAR, MUMBAI.

11 SHRI ANIL CHANDANMAL SINGHVI 131A TWIN TOWERS VEER SAVARKAR MARG, PRABHADEVI, MUMBAI.

12 SHRI MITEN NARENDRA MEHTA, 1202 12TH FLOOR SHRI JAMNAGAR CHSL GULMOHAR ROAD NO.11, JUHU SCHEME MUMBAI.

13 MS.NISHA DUTT PLOT NO.53 MITHILINAGAR, RD NO.11, BANJARA HILLS, HYDERABAD.

14 SHRI SUNIL HASMUKHLAL SHAH A/5 KAILASH APPTS NEAR OLD SHARDA MANDIR CROSSING, ELLIBRIDGE, AHMEDABAD.

15 SHRI PRASHANT DESAI 41 ELGIN ROAD, 5F NEELKAMAL ,KOLKATTA.

16 SHRI JIGISH SHANTILAL SONAGARA 702, 7TH FLOOR, UMANG, NEAR TELEPHONE EXCH, P.M. ROAD VILLE PARLE E MUMBAI.

17 SHRI RAJENDRA MADANMAL MEHTA A-1802, ROYAL RESIDENCY, LAL BAG INDUSTRIAL ESTATE, MUMBAI.

18 SHRI HARIRAJ CHOUHAN BUILDING 8 FLAT NO.14, VIJAYANAGARI CHSL GHODBANDAR ROAD THANE (W), MUMBAI.

19. SHRI CHANDRASEKHAR SUBRAMANIAM EVERST RESIDENCY 302, PARK ROAD, VILE PALE (E), MUMBAI.

20 SHRI RAVI KANAIYALAL SHETH 12-B MANEK 11 L.D.RUPAREL MARG, MUMBAI.

21 SHRI PANDURANG GHANASHAM KAKODKAR 6 PALM GROVE BEHIND HOTEL GOA INTERNATIONAL TONCA, PANAJI GOA.

22 SHRI NAISHADH DESAI 402 4TH FLOOR , GANGA NIWS SIR P.M.ROAD, VILE PARLE (E) MUMBAI.

23 SHRI RAMANATHAN DEVARAJAN A-603 GNDECHA ALTURA OPP ST, XAVIER SHCOOL LBS MARG KANJUR MARG (W) MUMBAI.

24 SHRI CHANDRAKANT UTTAMCHAND KAMDAR 302 MERMAID CHS LTD JUHU TARA ROAD, JUHU MUMBAI.

25 SHRI CHAITAN MANBHAI MANIAR GARDEN HOUSE, FIRST FLOOR CHOWPATTY BANDSTAND, DADYSETH 2ND CROSS LANE MUMBAI 26 SHRI RAMACHANDRA BARPANDE SAUBHAGYA SOCIETY BLOCK 51, 5TH FLR, A WING, JEEVAN, VIKAS KENDRA MARG ANDHRI (E) MUMBAI. 27 SHRI BALASUBRAMANIAN NAGARAJAN 71, BELMONTE TOWERS MOGUL LANE, MAHIM WEST MUMBAI.

28 SHR CHANDRAN THUMPARAMBIL NAIR FLAT NO.201 2ND FLOOR, PREETI CHS, C WING KANTI NAGAR, LAYOUT J.B.NGR ANDHERI E MUMBAI. 29 NATIONAL SPOT EXCHANGE LTD FT TOWR CTS NO.256 & 257 4TH FLOOR, SUREN ROAD, CHAKALA ANDHERI (EAST), MUMBAI. ... Respondents Prayer : Company Appeal has been filed to set aside the impugned order dated April 5, 2016 passed in Company Application No.116 of 2016 in C.P.No.1 of 2015 by the Hon`ble CLB, Principal Bench at New Delhi by staying the Company Petition No.1 of 2015, till the hearing and final disposal of Writ Petition No.2743 of 2014 and Suit No.221 of 2014; Suit No.991 of 2013; Suit No.121 of 2014; Suit No.173 of 2014 pending before the Hon`ble Bombay High Court, and also restrain the Original Petitioner from proceeding with the said Company Petition in terms of Prayer

Clauses 17.1 (a), (d) and / or 18.2 (a), (f) of the Company Petition No.1 of 2015 till the hearing and final disposal of writ Petition No.2743 of 2014 and Suit No.221 of 2014; Suit No.991 of 2013; Suit No.121 of 2014; (iv) Suit No.173 of 2014 pending before the Hon`ble Bombay High Court. For Petitioner :Mr.R.M.Murari for Cyril Amarchand Mangaldas For R1 :Mr.Shri Navin Chawla for M/s. Dr.D.Simon, CGSC For R5 :Mr. P.S.Raman, Senior Counsel for Mr.Raj Jhabakh For R6 :Mr. P.H. Arvind Pandian, Senior Counsel for Mr.Kumarpal R.Chopra

J U D G M E N T

1. Mr.R.M.Murari, the learned counsel for the petitioner, seeks to withdraw the appeal and the accompanying application.

2. The captioned appeal and application are, accordingly, dismissed as withdrawn.

3.

Accordingly, interim order dated 22.06.2016, shall stand vacated.

4. Needless to say, all legal contentions, raised by the parties herein, will remain open, to be advanced before the concerned Forum, i.e. National Company Law Tribunal, (in short "NCLT").

5.

Resultantly, the observations made in the impugned order shall not burden the NCLT, while adjudicating upon the matter on merits.

Sd/- Assistant Registrar(CS VI) //True Copy// Sub Assistant Registrar

To

1. UNION OF INDIA MINISTRY OF CORPORATE AFFAIRS SHASTRI BHAWAN NEW DELHI 110 001.

2. THE COMPANY LAW BOARD, PRINCIPAL BENCH, NEW DELHI.

3. THE REGISTRAR GENERAL, HIGH COURT, BOMBAY.

+1cc to Mr.Cyril Amarchand Mangaldas, Advocate sR.53219 +1cc to Dr.D.Simon, Advocate Sr.57471 COM.APEAL.No.2 of 2016 ksj[co] srg 10/11/2016