REACON ENGINEERS (INDIA) (P.) LTD. Vs. VENKATESWAR MEDICARE (P.) LTD.

JUDGEMENT

(1.) VIDE this order I shall dispose of the interim relief(s) prayed for In CP No. 616 of 2012. This is an application filed by the petitioners invoking the jurisdiction of this Bench under Sections 111, 397, 398, 402 of the Companies Act, 1956 (hereafter referred to as "the Act'"). The petitioners have sought various reliefs in the petition alleging certain acts of oppression and mismanagement allegedly committed by the respondents. The petitioner has also sought following interim reliefs:

(2.) THE petitioner claims to be 50% shareholder in the respondent No. 1 company, it is stated in the petition that respondent Nos. 2 & 3 arc in the management and the control of the company: The company was not in a position to discharge the financial liabilities of its secured creditors and the account of the company was in the risk of being declared as NPA by the secured creditor, viz., Allahabad Bank, in order to avoid this situation, the respondent Nos. 2 & 3 were looking for persons who could take over the management and the control of the company discharging the company's liabilities particularly the secured creditors. For this purpose, the respondent Nos. 2 & 3 have approached the petitioner and the respondent Nos. 37 & 38 and proposed that the respondent Nos. 37 & 38 to purchase the entire shares of the company from the respondent Nos. 2 & 3 subject to condition that respondent Nos. 37 & 38 will discharge the entire liability of the company subsequent to June 30, 2011.

(3.) IT is further averred that the petitioner applied for transfer of such shares to the company and the same was allowed and they acknowledged the petitioner as owner of 27085 shares.