NARESH KUMAR PARTI Vs. T.R. TULI & ORS.
LAWS(SC)-1987-3-99
SUPREME COURT OF INDIA
Decided on March 09,1987

Naresh Kumar Parti Appellant
VERSUS
T.R. Tuli And Ors. Respondents

JUDGEMENT

- (1.) In Civil Appeal Nos. 577-79/87 this Court had passed an order on 6th March, 1987 directing the holding of the Annual General Meeting of Swadeshi Polytex Co. Ltd. under me chairmanship of Shri Jaswant Singh, a former Judge of this Court. It appears from this CMP filed before us today that on a petition being suit No. 506/87 against National Textile Corporation, Swadeshi Polytex Ltd., Swadeshi Cotton Mills Co. Ltd., and Swadeshi Mining & Manufacturing Co. Ltd. pending in the High Court of Delhi, this morning that is to say on 9th March 1987 at 10.30 a.m. an order has been passed restraining Swadeshi Cotton Mills and Swadeshi Mining and Manufacturing Co. Ltd., whose names were borne in the Register of Members of Swadeshi Polytex Ltd., from exercising the voting right in respect of 34% shares held by them in the Swadeshi Polytex Ltd. in the 17th Annual General Meeting which is due to be held pursuant to the directions made by us today. In view of the facts and circumstances of the case. We are of the opinion that this order should not have been passed. We accordingly vacate this order and direct that the meeting should be held and the voting rights will be exercised by the Members, subject to the directions, if any, by the Chairman, as apparent. In order to prevent any future dispute, we direct that votes of Swadeshi Cotton Mills Co. Ltd. and Swadeshi Mining & Manufacturing Co. Ltd. or N.T.C. will be recorded separately. If they want, subject to Chairman's directions, all should be entitled to vote. That in view of these circumstances, even though no notice has been given to the other side and to this effect our attention was drawn by the counsel appearing in support of this application, we pass the aforesaid order. So far as the effect being given to any vote, it will be under direction and the decision of the Chairman. In the meeting who are the voters, who will be entitled to vote in case they vote, how they vote, it will all be at the direction of the Chairman. The CMP is disposed of accordingly.;


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