Bikki Raveendra Babu, Member - (1.) The parties in this order are referred to as they are arrayed in C.P. No. 16 of 2014 (Old) T.P. No. 61 of 2016 (New) for the sake of convenience. During the pendency of C.P. No. 16 of 2014 before the Company Law Board, Mumbai, the first petitioner, Dr. Sobhagyamal Jain was transposed as respondent No. 11", vide Company Law Board order dated November 7, 2014. Therefore, Dr. Sobhagyamal Jain is referred to as "respondent No. 11" in this common order.
(2.) Petitioners Nos. 2 to 4 filed T.P. No. 61-C of 2016 (Old No. C.A. 108 of 2015) praying for the following reliefs : (a) Reappointment of petitioners Nos. 2 to 4 as directors of the first respondent-company. (b) To direct respondents Nos. 2, 3, and 11 and Dr. Sunil Rajan to tender their resignations as directors of the first respondent-company without absolving them from their liabilities as directors of the first respondent-company. (c) Direction to respondents Nos. 2, 3 and 11 and Dr. Sunil Rajan to hand over management, assets and records of the first respondent-company. (d) Direction to respondents Nos. 2, 3 and 11 and Dr. Sunil Rajan to sell the shares held by them in respondent No. 1-company prior to the date of rights issue, to petitioners Nos. 2, 3 and 4 as per paragraph 18 of the consent terms. (e) To annul the allotment of rights issue carried out by the first respondent-company. (f) Direction to respondents Nos. 2, 3, 11 and Dr. Sunil Rajan to refund all moneys borrowed by them from the first respondent-company. (g) Direct respondents Nos. 2, 3 and 11 and Dr. Sunil Rajan to repay the loan to Religare Finvest Ltd. (h) To direct respondents Nos. 2, 3 and 11 and Dr. Sunil Rajan to maintain status quo in respect of financial and commercial matters of the first respondent-company.
(3.) T.P. No. 61-D of 2016 (C.A. No. 115 of 2015 Old) is filed by respondents Nos. 1 and 3 for the following reliefs : (a) To direct petitioners Nos. 2 to 4 and to immediately hand over all duly executed transfer deeds without filling the names of the purchasers to respondent No. 3 or to permit respondent No. 3 to give effect to transfer of 1,070 equity shares owned by petitioners Nos. 2 to 4. (b) To direct the petitioners to withdraw all legal cases mentioned in annexures 2 and 3 of consent terms dated December 14, 2014. (c) To direct not to agitate false and baseless issues.;