2012 (2) TMI 633 - HC - Companies Law

Court restrains Defendants from dealing with cloud computing business valued at Rs. 5983 million pending case resolution.

The Court ordered Defendant Nos.1, 5, and 6 to refrain from disposing of, transferring, or creating third-party interests in their cloud computing ... - Issues involved: Valuation of cloud computing business, interim relief to protect plaintiffs' interest.Valuation of cloud computing business: The Valuers valued the Defendant No.1's cloud computing business at Rs. 5983 million, while the Plaintiffs claimed approximately Rs. 450 crores. The Court ordered that Defendant Nos.1, 5, and 6 shall not dispose of, alienate, transfer, or create third party interest in the said business pending final disposal of the case. The Valuation Report was sealed and handed over to the Court for safekeeping, with parties allowed to seek permission to obtain a copy and raise contentions before the regular Court.Interim relief to protect plaintiffs' interest: The Court, based on the valuation disparity and to safeguard the Plaintiffs' interest, continued the Order directing the Defendants not to deal with the cloud computing business. The matter was scheduled for final disposal on 5th March, 2012, and the ad-interim application was disposed of accordingly.