CVCIGP II CLIENT ROSEHILL LIMITED Vs. SANJAY JAIN

JUDGEMENT

(1.) ALLOWED, subject to just exceptions.

(2.) APPLICATION stands disposed of. O.M.P. 172/2012

(3.) SIMULTANEOUSLY with the execution of the Restated SPA, respondent no.3 issued post dated cheques to petitioner Nos.1 and 2 for the payment of purchase consideration for tranche No.1 and 2 shares. Subsequently, respondents no.1, 2 and 3 paid part purchase consideration for tranche Nos.1 and 2 for the aggregate sum of Rs.249,996,981.93 to the petitioner nos.1 and 2 on 22.03.2011, 04.05.2011 and 07.05.2011 through respondent no.3. However, despite issuance of post dated cheques, which stand dishonoured, the balance amount totaling to Rs.1,244,947,936 has not been cleared. To secure the balance purchase consideration of Rs.1,250,003,018.31 due and payable by respondents No.1, 2 and 3 in terms of the Revised SPA, the petitioners have filed the present petition inter alia with the prayer that respondents no.1 to 4 be restrained from alienating, disposing of, dealing with, encumbering or creating any third party rights over their assets and properties.