https://www.taxtmi.com/caselaws?id=300960 A non-signatory subsidiary is not prima facie bound at the interim stage by a holding company's purchase agreement absent clear privity, conduct, or admission showing assumption of the covenant, and a bare undertaking not to alienate property does not itself create a charge or mortgage over assets. Territorial objection was also rejected because the reliefs were injunctive and declaratory rather than a suit for land, and part of the cause of action arose within the forum. The interim restraint was therefore modified: blanket prohibition on asset creation was declined, but limited borrowing was permitted for project completion and day-to-day operations, subject to affidavit and quarterly disclosure safeguards. en-us Wed, 08 Jan 2020 00:00:00 +0530 Sat, 05 Mar 2022 07:56:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=300960 A non-signatory subsidiary is not prima facie bound at the interim stage by a holding company's purchase agreement absent clear privity, conduct, or admission showing assumption of the covenant, and a bare undertaking not to alienate property does not itself create a charge or mortgage over assets. Territorial objection was also rejected because the reliefs were injunctive and declaratory rather than a suit for land, and part of the cause of action arose within the forum. The interim restraint was therefore modified: blanket prohibition on asset creation was declined, but limited borrowing was permitted for project completion and day-to-day operations, subject to affidavit and quarterly disclosure safeguards. Case-Laws Indian Laws Wed, 08 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=300960