2025 (12) TMI 1619

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...., Advocate For the Respondents : Mr. P H. Arvindh Pandian, Senior Advocate For Mr. Dhanaram Ramachandran, Advocate for R1-R2 ORDER Oral Judgment : Justice Sharad Kumar Sharma, Member (Judicial): 1. This Company Appeal (AT) (CH) No. 38 / 2025, arises out of the impugned order of 21.01.2025, as it was passed by the Ld. NCLT, Hyderabad in CP (IB) No. 22 / 241 / HDB / 2024. 2. In the instant Company Appeal in question, the issue, under consideration is the outcome of the proceedings, that were held before the Ld. NCLT, Hyderabad, drawn by way of Section 241 & 242 of the Companies Act, 2013, praying for the implementation of the equal shareholding pattern of the two families of the Petitioner and the Respondent in Respondent No....

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....ir respective Counsels, who are representing the parties participating in today's proceedings. 6. In accordance with the Memorandum of Settlement, the terms of settlement has been arrived at between Group A (First Party) and Group B (Second Party). In the said terms of settlement, in Para IV, the parties have agreed to plead that "the impugned Order of the Hon'ble NCLT, Hyderabad bench-II, dated 21.01.2025 be set aside by this Hon'ble Tribunal on the following terms and conditions that may be recorded as part of this Order". The operative part of the Terms of Settlement, has been set down in Para VII of the settlement, which we feel it apt to extract and make it as a part of today's order, in order to avoid any future controversies. 7....

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.... Total   15,50,00,000 1,55,00,000 13,95,00,000 Details of the physical share certificates are as under: Sl No. Name of Shareholder Folio No. No. of Shares Distinctive No. SC No. From To   1 C.S. Rajendar 3 10 21 30 3 2 C.R. Rajeswari 4 10 31 40 4 3 C.S. Rajendar 3 1000 5051 6050 8 4 C.R. Rajeswari 4 1000 6051 7050 9   TOTAL 2020         8. It will be necessary to note that Group A, Group B and Group C in the said settlement are Appellant Nos. 1, 2, 3, 4 & 5, Respondent Nos. 1 & 2 and Respondent No. 3 Company respectively in the instant Appeal. 9. T....

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....ng DD No. 519009 dated 25.07.2025 for an amount of Rs.6,97,50,000/- and another Draft bearing DD No. 519010 dated 25.07.2025 for an amount of Rs.6,97,50,000/- drawn from ICICI Bank (08), Hyderabad. The same is taken on record and the Court Officer is directed to retain the photocopy of the same and to handover the Original to the Appellants' Counsel for the time being after obtaining their endorsement of its receipt. The Appellants' counsel, assures and undertakes that, immediately upon uploading of today's order, he will, within 24 hours, hand over the said Demand Drafts to the Respondents' counsel, who in turn assures to hand it over to the Respondents and obtain its receipt. 11. Subject to the aforesaid Settlement and the Terms of the....