- (1.) Parties were afforded sufficient opportunities to arrive at a mutual global settlement with some give and take from either side, in the light of final valuation report dated 8th February, 2017 of the expert, M/s. S.C. Vasudeva and Co., Chartered Accountants submitted in compliance of orders of this Tribunal. However respondents (Bhatia Group) has prayed to reject the valuation report dated February 8, 2017 or any other report filed by M/s. S.C. Vasudeva and Co., thereby putting all the exercise, time and efforts undertaken since 13th August, 2015 almost back to square one.
(2.) It is pertinent to state here that the expert, M/s. S.C. Vasudeva and Co., Chartered Accountants, was appointed as an independent auditor and valuer on 13.08.2015 as per the joint request of the parties, for finalization of statement of accounts for the period up to 31.03.2015 in respect of the year 2014-2015 for all the companies belonging to both the groups i.e. Kaul and Bhatia Group as indicated in the chart annexed to the order dated 13th August, 2015. In addition there was a direction for valuation of assets of group entities. Parties were given liberty to present their respective point of view before the expert in finalization of accounts and valuation of assets. The relevant portion of the order is reproduced below: "Accordingly a joint request has been made to appoint an independent Auditor. The parties are ad idem to appoint S.C. Vasudeva and Company Chartered Accountants, who shall audit and finalize the statement of accounts for all the companies as given in chart (Annexure 'A ') for the period up to 31.03.2015 in respect of the year 2014-2015. The Chartered Accountants would be at liberty to seek assistance from the parties to supply of documents or any other material for the purposes of finalizing the accounts. An endeavour shall be made to complete the work of Balance Sheets by 15.09.2015 and submit the same to this bench by that day. It has also been agreed that simultaneously the valuation of the assets shall also be made by the same Chartered Accountants. In that regards parties are at liberty to present their respective point of view before the Chartered Accountants as per the time given to them. The Chart Annexure "A" shall form the part of this order."
(3.) In compliance of the aforesaid order the auditor has undertaken audit for the financial year 2014-15 up to 31st March 2015 in respect of the following entities of both the groups. Kaul Group Management i. M/s. Horizon Broadcast Electronics Pvt. Ltd., ii. M/s. Horizon Broadcast Electronics FZE, iii. M/s. Horizon Broadcast LLP. iv. M/s. Horizon Electronics FZE, Bhatia Group Management v. HBE Aviosec Private Limited, vi. HBE Aviosec FZE, vii. M/s. Three D integrated Solutions Limited, and viii. M/s. Nextgen Techsolutions Pvt. Ltd.;