CANARA BANK Vs. MAHANAGAR TELEPHONE NIGAM LTD

JUDGEMENT

(1.) THIS order covers three company petitions filed under Section 111(4) of the Companies Act, 1956 (hereinafter called "the Act"), by Canara Bank, a public sector undertaking wholly owned by the Government of India having its head office at 112, JC Road, Bangalore, against three public sector companies, namely ;

(2.) In all these three cases there are also other respondents who are the transferors of the bonds in question. The above petitions were filed on October 17, 1996, November 6, 1996, and January 27, 1997, respectively. Since the petitioner, the cause of action and the reliefs prayed for in these petitions are common, all the three are being disposed of by this common order. The petitions relate to bonds issued by the above three public sector companies to the other respondents who in turn have transferred them to the petitioner-bank. The petitioner has prayed for. directions to rectify the register of bond/debenture holders to enter the name of the petitioner. There is also a prayer to pay the accrued interest on the said bonds apart from the costs. The bonds involved in these three cases are as follows :

(3.) POWER Grid Corporation has raised the following preliminary objections :