JAGATJIT JAISWAL Vs. KARAMJIT SINGH JASWAL

JUDGEMENT

(1.) By these Orders, we shall dispose of CM No.17175/2007 dated 12.12.2007 filed by the Appellants for appropriate orders, inter alia, restraining the Respondents from discontinuing their salary, perks and benefits; and for restraining the Respondents from transferring, pledging, creating any third party rights, parting with possession or otherwise dealing with in any manner whatsoever the shares detailed in the Annexure. On the first date of hearing, that is, 14.12.2007, the following Order was passed:

(2.) CM No.9432/2009 was filed on 13.7.2009 by the Respondents seeking vacation of the aforementioned Order dated 14.12.2007. The gravamen of the application is that the substratum of the Appellants? case has vanished because their entire shareholding in Jagatjit Industries Limited as well as L.P. Jaiswal & Son Private Limited have been sold by them for a consideration of ' 36,50,00,000/-. The argument is that interim payment of salary and perks, passed on 14.12.2007, was predicated on the Appellants? status as shareholder as well as their erstwhile position in the Management of Jagatjit Industries Limited.

(3.) It is beyond the pale of the controversy that the sum of ' 36,50,00,000/- has been received by the Appellants and as a consequence thereof, the Appellants do not hold any shares in Jagatjit Industries Limited or L.P. Jaiswal & Son Private Limited. This Arrangement was arrived at before the Company Law Board (CLB), Principal Bench, New Delhi on 12.3.2009. The CLB, in its Order dated 12.3.2009, recorded the compromise between the parties as follows:-