K K MODI Vs. K N MODI

JUDGEMENT

(1.) By this order the following applications shall stand disposed off:- i) IA 11137/98, 4120/2001 & 5547/2001 under Section 151 Civil Procedure Code and under Order 39 Rule 4 Civil Procedure Code moved by defendant No.2. ii) IA 3807/99 under Section 151 Civil Procedure Code moved by defendant No.10.

(2.) The solitary question arising from these applications is whether there is such a change in the circumstances that may warrant the modification or variation of the injunction order referred in the judgment of the Hon'ble Supreme Court dated 4/2/1998 by way of directions to the Board of Directors of Modipon Limited to consider and decide the issue of sale of shares of Godfrey Philips India Limited (in short 'GPI'),held by its subsidiaries so as to facilitate the Fibre Division of the Modipon Limited to liquidate and repay its debt to financial institutions and Banks. Ancillary to this is the question for varying or modifying the order dated 2/8/1999 passed by this Court in IA 7128/99 by way of directing the Modipon Limited-defendant No.5 and its Board of Directors to participate in the offer of purchase of shares of Modi Rubber Limited (in short 'MRL') floated by B.K.Modi and V.K.Modi of Group-B companies for using the sale proceeds and pay the debts to Banks and Financial Institutions. Respondent/plaintiff and defendant no.10 have resisted the application vehemently on the premise that since GPI shares do not belong to the Fibre Division of Modipon Limited, these cannot be allowed to be sold nor can Modipon Limited be allowed to participate in the offer of purchase of shares of MRL.

(3.) Order dated 4/2/1998 of the Supreme Court is to the following effect:-