K.R.SHRIRAM,J. - (1.) Applicants are the children and legal heirs of the award holder of the original BSE Arbitration Award and Decree in terms of the said Award, Mr. Yashwant N. Shah (reference to Applicants includes reference to Mr. Yashwant N. Shah as applicable). Applicants are pressing prayer clauses - (a), (b) and (f)(i) of the Chamber Summons which read as under : (a) That respondent nos.1 and 7, or such of them as this Hon'ble Court holds liable be ordered and directed to : (i) deposit with Mr. Amol V. Doijode, Receiver, within a period of four weeks, in his Demat Account, DPID No.IN300685 Client ID 10536714, all the shares transferred out of the Demat Account of respondent no.9, DPID 12016200, Client ID 00000785, after the passing of the Injunction Order on May 6, 2005 in Ch/s. 534/2005, particulars whereof are at Schedule "V" hereto together with all the benefits thereon, inter alia, bonus shares, split shares, rights shares, dividends etc., issued by the Companies after the date of transfer; (ii) in the alternate to (a) (i) above, handover to Mr. Amol V. Doijode, Receiver, within a period of four weeks, the monetary value of the said shares, which were transferred after the passing of the Injunction Order on May 6, 2005 in Ch/s. 534/2015, Rs.4,70,25,060.12, along with interest thereon @ 18% p.a. from September 20, 2007, till payment or realization as per the particulars of the claim shown in Schedule "VI" hereto; (b) Respondent no.1 be directed to handover to Mr. Amol V. Doijode, Receiver, within a period of four weeks, all the monies and all the properties and assets whatsoever received by respondent no.1 from (Late) Ashok Bimal Ghosh/Estate of Ashok Bimal Ghosh and respondent no.9, after May 6, 2005, including all monies from all bank accounts of (Late) Ashok Bimal Ghosh/Estate of Ashok Bimal Ghosh and respondent no.9 (which as per records available to the Receiver and the Petitioners, include Rs.6,06,643/-, Rs.2,08,000/- and Rs.10,00,000/-) and which monies/assets/properties were credited in any account whatsoever in the books of respondent no.1; (f) Respondent no.7 be directed to : (i) transfer and deposit with Mr. Amol V. Doijode, Receiver, in his Demat Account, DPID No.IN300685, Client ID 10536714, within a period of two weeks, all the shares lying in the demat account of (Late) Ashok Bimal Ghosh being DPID 12016200 Client ID 00000504, as of May 6, 2005, together with all the benefits thereon, inter alia, bonus shares ad split shares, issued by the Companies thereon.
(2.) The present chamber summons and the reliefs sought for in prayer clauses - (a) and (b) arise, inter alia, in respect of breach of an order dated 6th May 2005 passed by this Court in chamber summons no.534 of 2005 (the "said order"). Prayer clause - f (i) was not opposed by any of the respondents, but CDSL would require a formal order to transfer Ashok Bimal Ghosh's shares to the Private Receiver's demat account. These shares are currently valued at about Rs.6 lakhs. Respondent Nos.1 to 6 in the present chamber summons were respondent nos.7 to 12 in the aforesaid chamber summons no.534 of 2005 and were parties to the said order. Respondent no.1 herein, who was respondent no.9 in the earlier chamber summons, is one Amu Shares and Securities Limited (hereinafter "Amu"). Respondent nos.1 and 2 in the earlier chamber summons were Ashok Bimal Ghosh (hereinafter "Ghosh") and his wife Lily Ashok Ghosh (hereinafter "Lily"). Respondent nos.2 and 3 in the present chamber summons are Directors of Amu. They are also Directors of respondent nos.4 to 6 herein and according to applicants are intrinsically linked to Ghosh prior to his death in April 2006. Respondent no.3 to the earlier chamber summons no.534 of 2005, is respondent no.9 in the present chamber summons, viz., one ABG Securities Private Limited (hereinafter alternatively referred to as "ABG"). ABG appears to stand for Ashok Bimal Ghosh. Respondent no.7 in the present chamber summons is the Central Depositary Services Limited (hereinafter "CDSL").
(3.) The present chamber summons seeks, inter alia, directions to Amu and CDSL to restore the status quo ante as it stood on 6 th May 2005 by transferring back to the account of ABG, the shares transferred out therefrom in breach of the order passed by this Court on 6th May 2005 in chamber summons no.534 of 2005, i.e., the said order, along with accrued benefits, or the money value of the shares transferred out after the said order, either on the date of the respective transfers, i.e., Rs.1,79,62,131.56 or the value as on the date of 20th September 2007 being the date on which the demand for shares to be brought back was made by the Private Receiver to CDSL under cover of his letter dated 20th September 2007 with interest thereon. According to applicants, the value in the chart dated 10th December 2018 and tendered by Amu at the hearing of 13 th December 2018 is misleading as it shows the value of shares sold/transferred is Rs.1,15,69,390.00 on the date of the said order, i.e., 6 th May 2005. According to applicants, the relevant value is Rs.1,79,62,131.56 computed as on the dates of the respective sale/transfer of shares, as that is the value yielded by sale/transfer of shares after the said order and from the CDSL demat account of ABG. Shri Cama submitted that the value of the shares sold/transferred in breach of the said order is to be brought back in full, including those purchased after the injunction. To argue otherwise means that though ABG and Ghosh were injuncted from alienating any/all their assets (including monies), shares purchased by them in breach of the said order could be sold regardless of the injunction. This is unstateable as the injunction barred any transfer of assets whatsoever regardless of whether shares were existing on 6th May 2005 or were purchased subsequently. Shri Cama further submitted that as per the chart dated 10 th December 2018 submitted on 13th December 2018 by the Advocates for Amu, the value of shares sold/transferred after the said order is Rs.2,42,25,715.78 and therefore, these shares with accrued benefits or the sum of Rs.2,42,25,715.78 together with interest thereon ought to be restored by Amu/CDSL.;