PIL INDUSTRIES LTD Vs. DECCAN CHRONICLE HOLDINGS LTD

JUDGEMENT

(1.) MENTIONED . Not on Board. Taken on Board.

(2.) BY an order dated 23rd August 2012, this Court (Coram: Smt. R.S. Dalvi, J.) granted Leave under Clause XII of the Letters Patent Act, 1866 to the Plaintiff, to file the above suit before this Court. The Defendant No.1 – Deccan Chronicle Holdings Limited – has now taken out the above Chamber summons praying that the said leave granted on 23rd August 2012 be revoked.

(3.) THE Plaintiff is a Company duly incorporated and registered under the Companies Act, 1956 and having its Registered Office at Mumbai. The Plaintiff inter alia renders financial services including providing short term loans to its customers. The Defendant No.1 is a Listed Company, incorporated under the provisions of the Companies Act, 1956 and having its Registered Office at Secunderabad, Andhra Pradesh. The Defendant No.1 interalia carries on business of publishing and distributing of news papers. The Defendant No. 1 had availed of certain short term facilities from Defendant No. 7 Future Capital Holdings Ltd. The said facilities have been fully disbursed and advanced to the Defendant No.1 by the Defendant No.7. The Defendant Nos. 2, 3 and 4 are individuals and the Directors of Defendant No.1. The Defendant Nos. 2 to 4 are being sued as Personal Guarantors, as also to enforce the securities provided by them for repayment of the short term facilities given to Defendant No.1. The Defendant No 5 is a Private Limited Company and a subsidiary of Defendant No.1. Defendant No.5 inter alia carries on the business of air transport services and chartered aviation services. The Defendant No.6 is a Depository Participant under the Depositories Act, 1996. Certain shares of Defendant No. 1 which were /are owned and held by Defendant Nos. 2 to 4 and have been provided as security for repayment under the loan facilities advanced to Defendant No. 1 are held by Defendant No. 6 as the Depository Participant. Defendant No. 7 is a Company incorporated under the Companies Act, 1956 and also provides financial services.