LIFE INSURANCE CORPORATION OF INDIA UNION OF INDIA Vs. ESCORTS LIMITED:ESCORTS LIMITED:ESCORTS LIMITED

JUDGEMENT

(1.) In SLP (C) Nos. 5392 and 5412 of 1984.-We have heard learned Attorney-General for the petitioners and Mr Palkhivala, learned counsel for respondents at length.

(2.) Special leave granted. There will be an order vacating the order of stay/injunction passed by the Single Judge of the High court, prohibiting any action being taken on the basis of the requisition put in by LIC. We direct that all appropriate proceedings will be taken in accordance with law on the basis of the requisition. However, no effect should be given to any resolution the Company may pass at the extraordinary general meeting to be held in consequence of the requisition without obtaining prior directions from this court. The pendency of these cases in this court will not stand in the way of holding the annual general meeting of the Company in the normal course. These appeals are disposed of except that they will be kept pending for the limited purpose to enable counsel to move this court for directions as indicated above. In computing the time for taking steps pursuant to the requisition, the period from the date of requisition till this day will be excluded in view of interim stay/injunction granted by the High court.

(3.) The prayer for amendment of the cause title is allowed.