NIRMAL LIFESTYLE LTD. Vs. NITIN S. DOSHI, HUF

JUDGEMENT

(1.) The above Suit is filed by the Plaintiff against the Defendants for an order and decree against Defendant Nos. 1 and 2 to specifically perform the Agreement entered into in or about June 2012, between the Plaintiff and Defendant Nos. 1 and 2, for sale and transfer of 19 per cent shares of Defendant Nos. 1 and 2 in Defendant No. 3 Company, as per the terms set out in paragraph 6 of the Plaint. The Plaintiff in the alternative has also prayed for an order and decree against the Defendant Nos. 1 and 2 to refund to the Plaintiff an amount of Rs. 5,00,00,000/- (Rupees Five crores only) together with interest thereon at the rate of 24 per cent per annum and a further order and decree against Defendant Nos. 1 and 2 to pay to the Plaintiff Rs. 300,00,00,000/- (Rupees Three hundred crores only) as and by way of damages together with interest thereon at the rate of 18 per cent per annum from the date of the suit till payment. The Plaintiff in the said Suit has also taken out the above Notice of Motion seeking an injunction against Defendant Nos. 1 and 2 from in any manner dealing with, selling, transferring, assigning or parting with possession of the said 19 per cent shares in the Defendant No. 3 Company. Briefly set out the facts in the matter are as under:

(2.) The Plaintiff is a Company carrying on the business of real estate development. Defendant Nos. 1 and 2 are 19 per cent equity shareholders of the Defendant No. 3 Company, which is also engaged in the business of development, building and construction of residential and commercial complexes.

(3.) The Defendant No. 3 Company had acquired development rights in respect of 86 acres of land situate at various villages in Taluka Kalyan, District Thane and had also acquired further 87.91 acres of land in Taluka Kalyan, District Thane ("the said lands").