I - VEN PHARMA CAPITAL LIMITED, REPRESENTED BY ITS LIQUIDATOR Vs. DR. REDDYS LABORATORIES LIMITED, REPRESENTED BY ITS GENERAL COUNSEL

JUDGEMENT

(1.) HEARD the learned Senior Advocate Shri Udaya Holla appearing for the Counsel for the petitioner. The present petition is filed in the following background: - -

(2.) M /s. DRL is duly represented and has no objection to the prayer being granted, as prayed for.

(3.) HOWEVER , Shri Holla would point out that the present circumstance is once where the petition is warranted on account of the royalties that are yet to accrue and as there would be no indication of what would be the fate of such royalties, it is necessary that this court grant permission to the Liquidator to address the same and to make provision for the same. On an overall consideration of the facts and circumstances, there is no mischief or illegality involved in the present petition. The prayer is genuine having regard to the modality sought to be worked out insofar as the royalties that would accrue in the future being directed into the hands of the shareholders, who would be the rightful recipients of such benefit. Hence, since the Liquidator would become functus officio, as already pointed out, on his winding up the affairs of the company, the prayers, as sought for, are necessary in the interest of justice.