DEEPAK FERTILISERS AND PETROCHEMICALS CORPORATION LIMITED Vs. P S OFFSHORE INTERLAND SERVICES PRIVATE LIMITED

JUDGEMENT

(1.) THE plaintiffs have taken out this notice of motion for appointment of a firm of Chartered Accountants to value the shares pledged to the plaintiffs as described in Annexure I to the consent terms dated 31st July, 1990 for the purpose of sale of the said shares in terms of liberty granted to the plaintiffs under Clause 15 of the consent terms appended to the consent order dated 31st July, 1990 passed by Ashok Agarwal, J. , on Notice of Motion No. 1556 of 1990 taken out by the plaintiff in this suit.

(2.) ON 31st July, 1990, Brother Justice Ashok Agarwal passed a consent order reading as under:. . .

(3.) (a) By Clause 12 of the said consent terms it was declared that the shares in the capital of the 1st defendant company described SECONDLY in the statement annexed and marked as Annexure I, though not included in the Agreement of Pledge (Exhibit A to the plaint), shall be deemed to form part of the said Agreement. It was further declared by the said clause that the said shares were validly pledged in favour of the 1st plaintiff for repayment of the dues specified under the said agreement. (b) By Clause 13 of the said consent terms it was agreed and declared between the parties to the consent terms that "the pledge agreement", "the power of attorney" and the letters of consent, all dated 29th September, 1989 (copies whereof were annexed as Exhibits A, B, C and D to the plaint) were valid, binding and operative in respect of the matters stated there in and in particular in respect of the pledged shares, a statement whereof was annexed and marked as Annexure I to the said consent terms. It was provided by the said clause that the said documents shall be enforced by the plaintiffs only in the event of non-payment of dues by 31st March, 1991 in terms of Clause 1 hereof.