ARCHANA BANSAL Vs. NEPC INDIA LTD

JUDGEMENT

(1.) 1. The Suit and Applications have been filed at the instance of a shareholder of the first defendant challenging the transfer of Wind Energy Division from the first defendant to the second defendant.

(2.) THE applicant/plaintiff has filed the above said two Applications seeking Interim Injunction: (a) restraining the second defendant from carrying on business of Wind Energy Division under any other name or through any other person. (b) restraining the second defendant from in any manner pending compliance with the terms and conditions of sanction accorded by the shareholders of the first defendant to the defendants not to sell, pledge, mortgage or transfer the Wind Energy Division.

(3.) THE applicant/plaintiff being a share holder has no right over the property or assets owned by the Company and she has no locus standi to claim any entitlement for the allotment of shares directly to her. She has also not truthfully disclosed the material facts and she is not entitled to discretionary relief of interim injunction. THE passing of the order of interim injunction and its continuance would cause harm to D2-SWL and therefore, the applicant/plaintiff is not entitled to the discretionary relief of Interim Injunction. As the balance of convenience lies only in favour of D2-SWL, these Applications are to be dismissed vacating the Interim Injunction already granted.