Rajeswara Rao Vittanala, Member - (1.) The Company Petition bearing C.P. No. 109 of 2012 (which is hereinafter referred to as Company Petition) was filed by Shri. P. Ram Bhoopal and six others, before the then Company Law Board, Chennai Bench, at Chennai. On the constitution of NCLT Bench at Hyderabad Bench for the cases pertaining to the States of Andhra Pradesh and Telangana, the case is transferred to Hyderabad Bench. Hence, we have taken the case on records of NCLT, Hyderabad Bench and deciding it. After the case was transferred to this Bench, it was listed on various dates for hearing i.e. on 29.7.2016, 17.8.2016, 31.8.2016, 26.9.2016, 07.10.2016, 18.10.2016, 21.10.2016, 25.10.2016, 26.10.2016, 03.11.2016, 22.11.2016, 15.12.2016, 05.01.2017, 18.01.2017, 23.01.2017, 27.01.2017, 03.02.2017 and finally on 15.02.2017 the case was reserved for orders.
(2.) The Company Petition was filed by under Sections 111 A, 237, 397, 398, 402, 403, 406 r/w Schedule XI of the Companies Act, 1956 by seeking the following reliefs:- "a) To regulate the conduct of the affairs of First Respondent Company in future; b) To direct the respondents to adhere to the Joint Development Agreement dated 19.06.2009 so that the first Respondent Company would not be committing breach of the said agreement due to the acts/omissions of the second Respondent; c) To direct the Respondents to adhere to the Letter of Interest dated 14.07.2011 and Share Holders Agreement dated 29.08.2011 and not to deviate from the said agreements; d) To direct the Respondents to take suitable steps to demerge the non-residential portion of land to and in favour of an entity owned and managed by Petitioners subject to the provisions of Section 391 to 394 of the Companies Act, 1956; e) To declare the Resolution passed at the Board Meeting held on 05.11.2012 with regard to Demerger, New Share Purchase Agreement and Leasing out of School Premises to M/s. Educomp Infrastructure and School Management Limited as null and void."
(3.) Several Company Applications were also filed in the case. CA. No. 1 of 14 is one among them that was ultimately decided by this Bench on 3rd November, 2016. Aggrieved by this order, the Respondents have preferred Company Appeal (AT) No. 132 of 2016 before the Hon'ble National Company Law Appellate Tribunal. The Hon'ble Tribunal vide its order dated 15.12.2106 remanded the case to this Bench with a direction to hear and conclude CP. No. 109 of 2012 at an early date, preferably within period of 2 months without granting unnecessary adjournments. The Bench, after receipt of copy of order, of Hon'ble NCLAT dated 15.12.2016, it was listed on 05.01.2017. The Learned Counsels one or the other have taken time on 05.01.2017 and again on 18.01.2017, 23.01.2017, 03.02.2017 and thus finally argued the case on 15.02.2017.;