TaxTMI 
TaxTMI 
2020 (10) TMI 1309
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....cant/the Original Petitioner and his group/family members can divide their shareholding with the Respondent No. 2 to 5, in line with the order dated 13th April, 2017 of this Tribunal passed in TP No. 26 of 2016 (New) (Old CP No. 46 of 2012) passed under Section 241-242 of the Companies Act, 2013/Section 397 & 398 of the Companies Act, 1956. 2. For ready reference, the relevant paras 78, 79 & 80 of the aforesaid order dated 13th April, 2017 of this Tribunal are reproduced hereunder: "78. In view of the above said discussions and in view of the fact that the petitioner and respondents belongs to the same family, instead of straight away appointing an independent valuer to assess the value of shares, it is just and expedient to dir....
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.... 3. By an order dated 25th October, 2017 this Tribunal appointed M/s. Alpa Bhavesh Shah & Co., Chartered Accountants, Ahmedabad ("Independent Valuer") as an Independent Valuer to determine the fair value of Equity shares of Respondent No. 1 Company as on the date or filing of petition. The relevant extract of the order dated 25th October, 2017 is reproduced hereunder: "Hence, this Tribunal hereby appoint M/s. Alpa Bhavesh Shah & Co. S/ 12-A Vikram Chambers, Ashram Road, Ahmedabad-09, Telephone no, 079-40069357 as Independent Valuer to determine the fair value of shares of Respondent no. 1, as on the date of filing of petition. Further orders regarding the manner and mode of sale of Shares will be passed after determination....
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.... reference to Jantri Value in his valuation report for the immovable properties. 7. In view of this, the Respondent No. 2 to 5 requested this Tribunal to properly determine the fair value of equity share of Respondent No. 1 Company after rectifying the above patent error committed by the Independent Valuer appointed by this Tribunal. 8. The effect of correctly applied Jantri rate of immovable properties (being 3 commercial shops) on the valuation per share of Respondent No. 1, would be as under: 9. Hence, by the submissions dated 11th June, 2018, the Respondent No. 1 to 5 requested this Tribunal to approve fair value of Equity Share of Respondent No. 1 company by correctly applying Jantri rate based on which the value per share is ....
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....of fair value of equity share of the Respondent No. 1 Company viz. a. Three Valuation reports dated 23rd January, 2018 of Mokani Nagin N. (Property Valuer No. 1 appointed by the Respondents) for each of the three commercial shops of Respondent No. 1. b. Consolidated Valuation report dated 5th February, 2018 issued by Mahesh S Patwa (Property Valuer No. 2 appointed by the Petitioner) for all the three immovable commercial shops of Respondent No. 1 13. We have gone through the Valuation report dated 26th February, 2018 of the Independent Valuer appointed by this Tribunal containing therein the Valuation reports of both the Property Valuer No. 1 & Property Valuer No. 2 as well as the submissions/comments/objections made by....
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....e been considered Shop by the Independent Valuer S/16 J.J. A.C. Rs. 14,73.350/ 15.8 Sq. Textile Market Mtrs. (city survey (Rate per Sq. Rs.7,82,100/- (Rate per Sq. mtrs. to be number 2018) mtrs. wrongly considered is considered Rs. 49,500/- was Rs. 93,250/-) S/2016 J.J. Rs. 14,73.350/ 15.8 Sq. Rs.7,82,100/- A.C. Mtrs. (Rate per Sq. Textile Market (city survey number 2018) (Rate per Sq. mtrs. to be mtrs. wrongly considered is considered Rs. 49,500/- was Rs. 93,250/-) 102. Gopi 16.078 Rs.7,95,861/- Sq. Rs. Market (City (Rate per Sq. 15,03,293/- Mtrs. Survey Number: 2245/A1/7/C)....