VEDANTA LTD Vs. ROOPA G PAI

JUDGEMENT

(1.) This Company Appeal has been preferred by the appellant, who was arrayed as the first respondent therein, against the order made in C.P.No.1051 of 2010 on 23.03.2015 by the Company Law Board in allowing the prayer seeking re-instatement of shares in the name of the first respondent by directing the appellant to rectify the register of members by re-instating the name of the first respondent to an extent of 2911 equity shares and issue fresh share certificates and declare the entitlement of the first respondent to the bonus shares and dividends.

(2.) The first respondent purchased equity shares and fully convertible debentures in the appellant company. These fully convertible debentures were subsequently converted as equity shares.

(3.) On 02.08.2000, as there was a mis-merge between the asset and equity capital, a Scheme was sought for. The merger was between Sterlite Industries (India) Limited viz., the appellant as it was known earlier and the resultant company Sterlite Optical Technologies Limited. This was done in pursuant to the order dated 02.08.2000 by the High Court of Judicature at Bombay in Company Petition No.595 of 2000 connected with Company Application No.257 of 2000. A subsequent order was passed by the said Court on 19.04.2002 in Company Petition No.203 of 2002 connected with Company application No.18 of 2002, which includes the Scheme of Arrangement between the first respondent and the equity shareholders. The following are the relevant paragraphs.