ANDREW YULE AND COMPANY LIMITED Vs. DESCON LIMITED

JUDGEMENT

(1.) THE instant appeal arises from a judgement and order dated 17th November, 2006 passed by the hon'ble First Court, dismissing the interlocutory application of the plaintiff/petitioner.

(2.) IT would appear from the observations made by the Hon'ble First court that the genesis of the interlocutory proceeding, initiated by the plaintiff/petitioner lied in the proposal of the defendant/respondent, descon LIMITED (hereinafter referred to as DESCON), to issue equity shares in favour of venture capitalists on preferential basis upto a limit of 49% (forty nine percent) of the increased subscribed equity shares of the company at a premium of not less than Rs. 600/ (rupees six hundred only) for every further share of Rs. 10/- each.

(3.) FROM the prayers set out hereinbelow, it will appear that the plaintiff/petitioner was, inter alia, seeking an order of injunction restraining DESCON from holding the Extra- ordinary General meeting (hereinafter referred to as EGM) in terms of notice appearing at "annexure H" to the interlocutory application and also for an injunction restraining the defendant/respondent, their men, servants and agents or otherwise from giving effect or further effect to any resolution passed at the said EGM: