TaxTMI 
TaxTMI 
TaxTMI 
2019 (5) TMI 1355
X X X X Extracts X X X X
X X X X Extracts X X X X
....i Rakesh Kumar, Advocates JUDGEMENT A.I.S. Cheema, J. : 1. The Appellant, who is one of the original Petitioners, has filed this Appeal challenging the Order dated 15th March, 2019 passed by the National Company Law Tribunal, Chandigarh Bench, Chandigarh (NCLT - in short) in CA 435 of 2018 and CA 25 of 2019 filed with regard to the main Company Petition No.183/Chd/Hry/2018 which has been filed alleging oppression and mismanagement in Respondent No.1 Company (Guild Builders Private Limited) by other Respondents. The Appellant is aggrieved by the fact that NCLT passed protection Order in favour of the original Petitioners directing Respondents not to encumber shares of Omaxe (Respondent No.14) held by Respondent No.1 Company only ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....nsel for the Appellant stated that the Company Petition has been filed by the Appellant and other Petitioners on 16.09.2018 against the Respondents raising various grounds of oppression and mismanagement. It is stated that in the matter, Notice was issued on 19th September, 2018 and Respondents were restrained from issuing any fresh equity. It is stated that thereafter the original Petitioners filed CA 435 of 2018 on 9th October, 2018 (Annexure - A-10) claiming that the Respondent Company - Guild Builders Pvt. Ltd. had on 12th September, 2018 further pledged 38,15,000 equity shares of Omaxe which were owned by Guild. It was also claimed that the Company - Guild in addition to giving loans and advances to Omaxe and its subsidiary and associa....
X X X X Extracts X X X X
X X X X Extracts X X X X
....10 days before the date fixed with copy advance to the counsel opposite. List the application on 20.02.2018. in the meanwhile, it is directed that in case further pledge of the shares is required, as per the statement made in the reply, in order to top-up and/or margin calls, the respondent No.1 company would file the statement to that effect before this Tribunal within one week of doing so with copy advance to the counsel opposite. It is stated on instruction by learned Senior Counsel for respondent No.1 company that other than the above respondent No.1 company would not create further pledge for the time being. This undertaking is taken on record." 4. According to the learned Counsel for the Appellant, the Petitioners had then filed ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....gure of 1,48,59,726 shares was unacceptable. It is argued similar is the situation with statement filed with National Stock Exchange. The Appellant claims that it was wrong on the part of the NCLT to have bound the Respondent so as not to encumber by way of pledge, lien, non-disposal including or otherwise limited only to the extent of 1,48,59,726 shares of Omaxe held by Guild. According to the Counsel, 4,11,81,726 shares should have been treated as unencumbered on 19th December, 2018. 5. Against this, the Learned Counsel for the Respondent Company referred to the Convenience Compilation filed by him and the Reply which was filed by the Company to CA 25/2019. With regard to the difference of numbers appearing in the Reply filed to CA 435 ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ousand only) stand duly encumbered. It may be pointed out that IVL can at any point of time create a pledge on the remaining free 87,50,000 shares (Eighty Seven Lakhs Fifty Thousand only) as well." 7. The Learned Senior Counsel for the Respondent Company in order to make his point referred us to Annexure - R-4 in Reply to CA 25/2019 (copy of which has been filed by him at Page - 40 of the convenience compilation). The learned Counsel stated that this is Transaction Statement of Indiabulls Ventures Limited with regard to Respondent Company - Guild Builders. Referring to Statement of Account from 01.07.2017 to 25.01.2019 in relation to equity shares of Omaxe Limited, it is stated that this Transaction Statement along with Statement of Holdi....