BHAVIK KOLADIA Vs. ASHNEER GROVER

JUDGEMENT

(1.) The plaintiff has filed the abovementioned suit for a declaration that a Letter Agreement dated 03.12.20218, for sale of shares of defendant No. 2 - company by the plaintiff to defendant No. 1 ["the Agreement"], has become void, and for cancellation of the share transfer form ["Form SH-4"] dtd. 3/12/2018 executed by him pursuant to the Agreement. Plaintiff also seeks a declaration that he continues to be the owner of the shares in question and an injunction restraining defendant No. 1 from creating any third-party interest in the said shares or exercising any rights therein. By way of this judgment, I propose to dispose of I.A. 897/2023, filed under Order XXXIX Rule 1 and 2 of the Code of Civil Procedure, 1908 ["CPC"], whereby the plaintiff seeks an interim injunction restraining defendant No. 1 from alienating or transferring or creating any third-party rights in the shares or exercising any rights therein or claiming ownership thereof, and an injunction directing defendant No. 2 to reflect the plaintiff as the legal and beneficial owner of the shares in question in its register of members.

(2.) The factual details set out in the plaint, so far as they are relevant for the disposal of the present application, are as follows:-

(3.) A written statement has been filed by defendant No. 1. Although the veracity of the Agreement relied upon by the plaintiff[4] has been denied in the written statement, Mr. Giriraj Subramanium, learned counsel for defendant No. 1, stated that, for the purposes of the present application, the Court may proceed on the basis of the Agreement dtd. 3/12/2018, placed on record by the plaintiff. With this qualification, the relevant contents of the written statement filed by defendant No. 1 may be summarised as follows:-