MSPL LIMITED Vs. NMDC LIMITED AND ORS

JUDGEMENT

(1.) The present Petition was initially filed before Hon'ble Company Law Board, Chennai Bench, Chennai (CLB). Since the National Company Law Tribunal, Hyderabad Bench (NCLT) has been constituted for the cases pertaining to states of Andhra Pradesh & Telangana, the case is transferred to NCLT. Hence, we have taken it on records of NCLT and deciding the case.

(2.) The present Petition has been filed Under Section 111A of the Companies Act, 1956 by seeking a direction to grant interim injunction restraining the respondent No. 1 to 13 and their men, agents, representatives, attorneys, successors, assignees and any person or person claiming under them whatsoever manner to further transfer or alienate or dematerialize the bonus shares pending disposal of the petition and suspend the voting rights of Respondents 3 to 13 with respect to the bonus shares.

(3.) The case was initially listed before the Hon'ble Company Law Board (CLB) on 20.04.2012 wherein R. 3 to R. 13 were absent. After hearing both the sides the Bench recorded that R. 3 to R. 13 shall maintain the status quo with regard to impugned bonus shares until further orders. Notice was served on R. 3 to R. 13. R. 1, R. 2 and R. 9 filed their counters. The petitioner also sought permission of the Bench to implead NSDL and CDSL as party to the main petition. The same was allowed by the Bench on 03.12.2012. The Petitioner filed an application being CA No. 193/2012. Upon the service of the Application on the proposed Respondents, they filed counter to the application. The Bench was of the view that the proposed respondents are necessary parties at least they can provide the information with regard to the shares held in dematerialized form. In view of the reasons, the application was allowed, directing the petitioner to implead the proposed respondents as respondents 14 & 15 to the main petition and amend the cause title of the petition forthwith. After amendment the petitioner is hereby directed to serve copy of the amended petition to the Respondents No. 14 & 15. After receipt of the amended petition the said respondents may file their counter to the amended petition within a period the three weeks and serve copies on the other side.