DB VIEW INFRACON PRIVATE LIMITED Vs. DYNAMIX SECURITIES

JUDGEMENT

(1.) This execution application is filed by applicant inter-alia praying for execution of decree dated 19th September 2017 in terms of the Consent Terms dated 19th September 2017 passed by this Court. Thereafter, applicant filed Chamber Summons (L) No.972 of 2018 praying for appointment of Court Receiver for attachment and sale of the properties of judgment debtors listed in Exhibit "B" to the affidavit in support of the Chamber Summons.

(2.) On 13th July 2018 this Court was pleased to grant ad-interim reliefs in terms of prayer clause - (b) and (e) to the Chamber Summons and subsequently, the Chamber Summons was made absolute in terms of prayer clause - (a), (b) and (d) by an order dated 28th August 2018.

(3.) Mr. Mody states that all the shares held by the Goenka family aggregating to 72.05% of the entire shareholding in Sahyadri Agro and Dairy Private Limited ("Sahyadri") are attached be sold in order to satisfy the Consent Decree. Mr. Mody states that Rabo India Securities Private Limited ("Rabo") was appointed as an exclusive strategic and financial advisor for the sale of the entire shareholding of Sahyadri to potential investors. The mandate of Rabo was extended from time to time and presently Rabo has been able to identify Schreiber Foods Inc ("Schreiber") which is a well-known Multinational Corporation engaged in the business of manufacturing dairy products. Mr. Mody states that Rabo has received a Non-Binding Letter of Intent dated 2 nd December 2019 from Schreiber offering a total consideration of USD 15,000,000 for 100% stake in Sahyadri which also includes 72.05% of judgment debtors. Mr. Mody states that the process of due diligence has been commenced by Schreiber and was almost over and his apprehension is if the deal is not concluded expeditiously, Schreiber may not want to go ahead with the deal. Mr. Mody also states that Rabo is now doing his business in the name of Coöperatieve Rabobank U.A., Mumbai Branch and therefore, the mandate of Rabo India Securities Private Limited be moved to Coöperatieve Rabobank U.A., Mumbai Branch. Mr. Mody also states that respondents have not been appearing since 2018.