- (1.)The question for consideration is whether the Appellants in this appeal are liable to pay a non-compete fee to the public shareholders of the target company as is being to be paid to the outgoing promoters of the target company which is being taken over by the Appellants. In our opinion, the answer to this question must be in the negative.
The Facts

(2.)Appellant No. 1 is a company incorporated under the laws of Singapore. Appellant No. 2 is the holding company of Appellant No. 1 through a subsidiary.
(3.)The outgoing promoters of the target company (the Andhra Pradesh Paper Mills Ltd.) are referred to hereinafter as the Bangur group. The Bangur group consists of 20 entities, both individuals and others.