2012 (8) TMI 1087

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... Heard Mr. R Barpujari, the learned counsel for the applicant seeking to implead themselves in the Co. Petition No.7/2011, by filing Misc. Case No.963/2012. Mr. K N Choudhury, the learned senior counsel appears for the opposite party/petitioner. The applicant purchased 30 lakhs redeemable cumulative convertible preference shares from the ICICI Bank, which were eventually taken over by the Stan....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....hares transferred in the name of the applicant (purchaser). Accordingly Mr. Choudhury submits that unless the rights of the applicant are crystallized through a positive order of the CLB, they can't have any reasonable basis for interfering in the present proceeding. Mr. R Barpujari, the learned counsel on behalf of the applicant concedes that an application was filed under Section 111 of t....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....importantly, the right of the applicant over the shares in question is yet to be crystallized and at this stage it is difficult to recognize them as either share holder or creditor of the petitioner Company. The preference shares of Rs. 100/- each was purchased at a nominal value of 13 paise per share and considering the fact that the ICICI Ltd. was a party to the CDR settlement process, I am of t....