RAJIV SANGHVI Vs. PRADIP R. KAMDAR

JUDGEMENT

(1.) By this Interim Application, the Applicants/Plaintiffs have sought an order of temporary injunction restraining the Defendant Nos. 1 and 2, their servants/agents or any other person directly or indirectly acting for or on behalf of Defendant Nos. 1 and 2 from taking any steps which would defeat the Applicants' rights under the agreement and/or the reliefs prayed for in the captioned Suit. Further, relief has been sought restraining the Defendant Nos. 1 and 2, their servants/agents or any other person directly or indirectly acting on behalf of Defendant Nos. 1 and 2 from taking steps towards valuation of Defendant No. 3 and/or buy-out of inter alia the Defendant Nos.1 and 2's shareholding in Defendant No. 3. Other consequential relief has also been sought against Defendant Nos. 1 and 2 which have been set out in the subsequent prayers viz. prayer clauses (c) and (d).

(2.) The Applicants have filed the present Suit seeking specific performance of the agreement ("Minutes of Discussion") dtd. 14/6/2019 (annexed at Exh.A to the Plaint) and declaration that the Minutes of Discussion is valid, subsisting, enforceable and binding.

(3.) The Applicants along with the Defendant Nos. 1 and 2 are Directors as well as the shareholders of the Defendant No. 3 Company. Defendant No. 3 Company is a Private Limited Company, incorporated under the Companies Act, 1913 and engaged in the business of operating and running automobile dealerships having operations in the State of Maharashtra, Andhra Pradesh and Telangana, Tamil Nadu and Karnataka and Gujarat. The overall control of Defendant No. 3 Company is exercised by its Board of Directors, but for administrative convenience, Plaintiff No. 1 is in control of the operations in the State of Andhra Pradesh, Telangana, Tamil Nadu and Karnataka (collectively referred to as "Andhra Pradesh and Telangana Division"); Plaintiff Nos. 2 to 4 are in control of the operations in the State of Maharashtra ("Maharashtra Division") and Defendant Nos. 1 and 2 are in control of the operations in the State of Gujarat ("Gujarat Division").