MEMORNADUM ON BEHALF OF PETITIONER
BEFORE THIS HONOURABLE COMPANY LAW BOARD MUMBAI
MR. JIGNESH PATEL (PETITIONER)
VS.
JUDAS LIMITED
(RESPONDENT)
MEMORIAL ON BEHALF OF THE PETITIONER
MEMORNADUM ON BEHALF OF PETITIONER
TABLE OF CONTENTS TABLE OF CONTENTS………………………………………………………………….II LIST OF ABBREVIATIONS……………………………………………………………..III LIST OF SOURCES
o
Books Referred……………………………………………………………IV
o
Statutes Referred...........................................................................................IV
STATEMENT OF JURISDICTION………………………………………………………..V FACTS SUMMARY ……………………………………………………………………….VI ISSUES RAISED…………………………………………………………………………...VII. ARGUMENTS ADVANCED ……………………………………………………………..VIII PRAYER……………………………………………………………………………...........XIV
MEMORNADUM ON BEHALF OF PETITIONER
LIST OF ABBREVATIONS
1. C.A. – CHARTERED ACCOUNTANT 2. S.C. SUPREME COURT !. S"#. SECTION $. V%. VERSUS &. ' AND . I.D.B.I – INDUSTRIAL DEVELOPMENT BAN OF INDIA *. LTD. LIMITED +. A.O.A ARTICLES OF ASSOCIATION ,. E.G.M EXTRAORDINARY GENERAL MEETING 1-.A.G.M ANNUAL GENERAL MEETING 11.W.E.F WITH EFFECT FROM 12.S.E.B.I – SECURITIES EXCHANGE BOARD OF INDIA 1!.H/0" – HONOURABLE
LIST OF SOURCES
MEMORNADUM ON BEHALF OF PETITIONER LIST OF BOOKS: 1. C345/6 L57 by Dr. Avatar Singh8 15th edition, Eastern book company . 2. C345/6 L57 by Dr. G.K. Kapoor and A.K. Majmdar 1!th edition, "a#mann
pb$ications %. A.R5359650%8 G:9;" < <=" C345/9"% A#<8 1& th edition, 'e#is (e#is )tter*orths +ndia
STATUTES REFFERED:
1. COMPANIES ACT8 1,& 2. SEBI0S LISTING AGREEMENT !. CHARTERED ACCOUNTANT ACT8 1,$,
EBSITES VISITED:
1. =<<4>>777.57:?#345/6(5%< @9%9<"; / &<= A498 2-1$) !. 777.35/:45<5.#3 (5%< @9%9<"; / $<= A498 2-1$)
%
STATE"ENT OF #URISDICTION THE COUNSEL ON BEHALF OF THE PETITIONER HAVE SUBMITTED THEIR PLEADINGS BEFORE THIS HON0BLE COMPANY LAW BOARD OF MUMBAI BY FILING AN APPLICATION UNDER SECTION $%& OF THE COMPANIES ACT 1,&
MEMORNADUM ON BEHALF OF PETITIONER FOR SEEKIN' RELIEF IN CASE OF "IS"ANA'E"ENT AS A SIGNIFICANT
CHANGE IN THE MANAGEMENT AFFAIRS FUTURE OPERATIONS OF THE COMPANY HAS BEEN PREJUDICIAL TO THE INTERESTS OF THE COMPANY.
FACTS SU""AR( •
J:;5% 49@5<" L<; 75% 9/#45<"; 9/ 1,,* 79<= 9<% "9%<""; 9#" 9/ M:359 79<= 9/9<95 %=5"=;9/ R%. 18--8--- :/;" C345/9"% A#< 1,&.
MEMORNADUM ON BEHALF OF PETITIONER •
W="/ <=" <<5 %=5"=;9/ <=" #345/6 75% 9/#"5%"; 6 R%. 2-8--8--- 6 5
• •
%4"#95 "%:<9/8 <=" #345/6 #=5/"; 9<% /5<:" 9/< 5 4:9# #345/6. T=" #345/6 4"%"/<6 =5% 5 459; #549<5 R%. 1- C"% 79<= 1- ;9"#<%. A##;9/ < <=" 4@9%9/% <=" AOA <=" #345/6 1 ;9"#< 3 <=" <<5
•
/:3" "<9"; "@"6 6"5. O/ 1%< M5#= 2-1!8 <=" #345/6 ="; 9<% AGM 5/; <7 9<% ;9"#<% M. R5"%= S=5= 5/; M. S:"%= P5<" 7"" %#=";:"; < "<9" 79/ < <=" 5" 939< 4"%#9";
•
9/ <=" AOA <=" #345/6. T=9% 35<<" 75% /< <5?"/ :4 9/ <=" 3""<9/ 5/; <=" #345/6 ;"#9;"; / <=" 79/ 35<<"% 1. R%. 28 --8 ---> < " 9@"/ 5% :55/<"" < J'T L<;. 5 5/ <=5< <=" 5<<" <=5< 9% < " <5?"/ 3 IDBI 9/ 2-1!. 2. A449/<9/ M. V956 5% <=" C5 <=" #345/6 5/; 5<<9/ =9% 93 4"""/#" %=5"% 7<= R%. &-8--- 79<= 5 #? 9/ 4"9; 1 6"5 5/; 9/<""%< & 4.5. !. M. S:3"%= S=5=8 <="9/57 M. R5"%= S=5=0% 79" 5/; M. J56"%=
•
T=5?" 5% 9/;"4"/;"/< ;9"#<% <=" C345/6 7". -2.-$.2-1!. T=" 3""<9/ 75% #=59"; 6 M. S:"%= P5<"8 M. R5"%= S=5= 75% /< 4"%"/< 9/ <="
•
3""<9/. A<" 5 "7 3/<=% 5 /<9#" 75% 9%%:"; 6 IDBI < <=" #345/6 5% < <=" ;"5:< 6
•
J'T L<;. A/; <="6 /39/5<"; M. B=5 5% 5 ;9"#< #345/60% 5;. A/ EGM 75% #/@"/"; 6 <=" #345/6 #=59"; 6 <=" /"7 M5/59/ D9"#< <=" #345/6 M. J9/"%= P5<" 7= 4:< <=" 35<<" "" <=" %=5"=;"% 7= 5<<"/<";
•
<=" 3""<9/. T=" /39/5<9/ 75% /< 5##"4<"; 5% M. B=5 75% M. J9/"%= P5<"0% 35<"/5
•
:/#"0% %/. T=" #=5935/ #=5"/"; <=" 5449/<3"/<% 35;" "59" 9/ <=" 3""<9/ -1.-!.2-1! 5/; 5% 5""; <=5< <=" 5<3"/< %=5"% < M. V9560% 93 75% 9"5.
ISSUES RAISED 1. )et)er t)e de*+s+o,s t)at -ere take, +, t)e A.'." o, 1 st "ar*) !/1$ *a, 0e )ed 2a+d or ,ot. 1.1 )et)er +,*us+o, of t)e t-o 3e30ers t)at -ere to 0e ret+red as 4res*r+0ed 05 t)e A.O.A of t)e *o34a,5 +s 2a+d or ,ot a,d de*+s+o,s t)at -ere take, 05 t)e3 t)ereof.
MEMORNADUM ON BEHALF OF PETITIONER !. )et)er aott+,6 s)ares -ort) Rs. 7//// +, V+8a59s a44o+,ted as t)e C.A. of t)e *o34a,5; f+r3 +s 2a+d or ,ot. $. )et)er a44o+,t3e,t of Ra3es) Bo)ra +s 2a+d or ,ot.
AR'U"ENTS ADVANCED 1. )et)er t)e de*+s+o,s t)at -ere take, +, t)e A.'." o, 1 st "ar*) !/1$ *a, 0e )ed 2a+d or ,ot.
MEMORNADUM ON BEHALF OF PETITIONER T=" @"6 ;9"#<9/ <=9% 5:3"/< "% <75;% :"%<9/9/ <=" @59;9<6 <=" ;"#9%9/% <=5< 7"" <5?"/ 9/ A.G.M ="; / 1 %< M5#=8 2-1! 6 <=" #345/6. F <=" :<="5/#" <=" 35<<" <=" 4"<9<9/" %=5 "459/ <=" 9/@59;9<6 <=" ;"#9%9/% <=5< 7"" <5?"/ 9/ <=" A.G.M. T="" ;"#9%9/% <=5< 7"" <5?"/ 6 <=" 4"%9;9/ ;9"#<% 9/ <=" A.G.M 7"" (9)
R%. 28 --8 ---> < " 9@"/ 5% :55/<"" < J'T L<;. 5 5/ <=5< <=" 5<<" <=5<
(99)
9% < " <5?"/ 3 IDBI 9/ 2-1!. A449/<9/ M. V956 5% <=" C5 <=" #345/6 5/; 5<<9/ =9% 93 4"""/#"
(999)
%=5"% 7<= R%. &-8--- 79<= 5 #? 9/ 4"9; 1 6"5 5/; 9/<""%< & 4.5. M. S:3"%= S=5=8 <="9/57 M. R5"%= S=5=0% 79" 5/; M. J56"%= T=5?" 5% 9/;"4"/;"/< ;9"#<% <=" C345/6 7.". -2.-$.2-1!.
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
MEMORNADUM ON BEHALF OF PETITIONER A% <=" <"3 "5<9@"%1 9% 7" ;"9/"; 9/ <=" S#=";:" 1A 7=9#= 9% <=" L9%< R"5<9@"% < <=" C345/9"% A#< 1,&. I< 9% 9@"/ 9/ """/#" < %"# (#) <=" A#<. T=" %#=";:" #"56 3"/<9/% <=" <=" (9/#:;9/ S<"4<=") 5% 9/ <=" 9%< "5<9@"%. T=""" M S:3"%= S=5= 9% <=" <=" M R5"%= S=5= 7= 9% <=" D9"#< <=" #345/6. T=""" 9< #5/ " %59; <=5< M. S:3"%= S=5= 9% "5<"; < <=" D9"#< <=" C345/6 5/; ="/#" =" 9% /< 5/ 9/;"4"/;"/< ;9"#<. I< 9% /< #3469/ 79<= <=" 49/#94"% ; #45<" @"/5/#" 5% <=" 9/;"4"/;"/#" <=" ;9"#<% 9% ""/ "45;9K";. T=:%8 <=" 5449/<3"/< M. S:3"%= S=5= 5% 5/ 9/;"4"/;"/< ;9"#<% 9% /< @59; 5% 9< 9% @95<9/ <=" 4@9%9/% 57. 1.1 )et)er +,*us+o, of t)e t-o 3e30ers t)at -ere to 0e ret+red as 4res*r+0ed 05 t)e A.O.A of t)e *o34a,5 +s 2a+d or ,ot a,d de*+s+o,s t)at -ere take, 05 t)e3 t)ereof.
A##;9/ < <=" A.O.A <=" #345/6 7=9#= #"56 %<5<"% <=5< "@"6 6"5 /" ;9"#< %=5 "<9" 3 <=" #345/6 :< 1- ;9"#<% 7=9#= 9% /< "6"; 6 <=" "%4/;"/<% 5/; <=""" <="6 <? 45< 9/ <=" A.G.M <=" #345/6 ="; / 1 %< M5#=82-1! <=9% 5% <5?9/ ;"#9%9/% 9/ <=" 35<<"% <=" #345/6. T=9% 9% $tra vires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
!. )et)er aott+,6 s)ares -ort) Rs. 7//// +, V+8a59s a44o+,ted as t)e C.A. of t)e *o34a,5; f+r3 +s 2a+d or ,ot .
1 S"" S"# (#) C345/9"% A#< 1,&
MEMORNADUM ON BEHALF OF PETITIONER T=" #:/%" / "=5 <=" 4"<9<9/" =:36 %:39<% "" <=" H/0" C345/6 L57 B5; <=5< <=" 5<3"/< 4"""/#" %=5"% < M. V9560% 93 7<= R%. &-8--- 79<= 5 #? 9/ 4"9; 1 6"5 5/; 9/<""%< & 4.5. 9% /< @59; 5##;9/ < S"#. 22(!) C345/9"% A#<8 1,&. S"#. 22(!) "5;% 5% N/" <=" 79/ 4"%/% %=5 " :599"; 5449/<3"/< 5% 5:;9< 5 #345/6
•
5 ;6 #45<" 5/ 9#" "346"" <=" #345/6 5 4"%/ 7= 9% 5 45"8 7= 9% 9/ <=" "3463"/<8 5/ 9#" "346""
•
<=" #345/6 5 4"%/ 7= 9% 9/;"<"; < <=" #345/6 5/ 53:/< "#"";9/ /" <=:%5/;
• •
:4""%8 7=8 =5% 9@"/ 5/6 :55/<"" 4@9;"; 5/6 %"#:9<6 9/ #//"#<9/ 79<= <=" 9/;"<";/"%% 5/6 <=9; 4"%/ < <=" #345/6 5/ 53:/< "#"";9/ /" •
<=:%5/; :4""% 5 4"%/ 7= 9% 5 ;9"#< 3"3" 5 49@5<" #345/68 5 45" 5 938
•
7=9#= 9% <=" 35/59/ 5"/< <=" %"#"<59"% 5/; <"5%:"% <=" #345/6 5 4"%/ 7= 9% 5 ;9"#< <=" =;" %=5"% "#"";9/ 9@" 4" #"/<. 9/ /39/5 @5:" <=" %:%#9"; #549<58 5/6 ;6 #45<" 7=9#= 9% <=" 35/59/ 5"/< <=" %"#"<59"% 5/; <"5%:"%8 <=" #345/6 P@9;"; <=5< 5/6 %=5"% ="; 6 %:#= 4"%/ 5% /39/"" <:%<"" 5/6 <=9; 4"%/ 5/; 9/ 7=9#= <=" =;" =5% / "/"9#95 9/<""%< %=5 " "#:;"; 9/ #34:<9/ <=" 4"#"/<5" %=5"% ="; 6 =93 <=" 4:4%" <=9% #5:%".
N78 5##;9/ < <=9% #5:%" M. V956 9% ;9%:599"; "#5:%" =" 9% 9/;"<"; < <=" #345/6 5% <=" 53:/< "#"";% 3" <=5/ /" <=:%5/;. A/; S"#. 22($) 5/; 22(&) %56% <=5< ($) A 4"%/ %=5 5% /< " :599"; 5449/<3"/< 5% 5:;9< 5 #345/6 9 =" 9%8 6 @9<:" %: %"#<9/ (!)8 ;9%:599"; 5449/<3"/< 5% 5:;9< 5/6 <=" ;6 #45<" 7=9#= 9% <=5< #345/6% %:%9;956 =;9/ #345/6 5 %:%9;956 <=5< #345/6 % =;9/ #345/68 7:; " % ;9%:599"; 9 <=" ;6 #45<" 7"" 5 #345/6. A% <=" 359/ <5%? <=" C=5<""; A##:/<5/< 9% < 5:;9< <=" 9/5/#95 ;#:3"/<% <=" #345/6 <=5< 9% 7=6 <=9% 4@9%9/ 9% 5449#5" ="" 5/; M. V956 9% <"3"; 5% A:;9< ="". (&) I 5/ 5:;9< "#3"% %:"#<8 5<" =9% 5449/<3"/<8 < 5/6 <=" ;9%:599#5<9/% %4"#99"; 9/ %:%"#<9/% (!) 5/; ($)8 =" %=5 " ;""3"; < =5@" @5#5<"; =9% 9#" 5% %:#=.
MEMORNADUM ON BEHALF OF PETITIONER S"#<9/ 22(!) <=" C345/9"% A#<8 1,& %4"#99"% <=5< 5 4"%/ %=5 " ;9%:599"; < 5#< 5% 5/ 5:;9< 9 =" 9% 9/;"<"; < <=" #345/6 5/ 53:/< "#"";9/ /" <=:%5/; :4""%. T=9% 4@9%9/ 593% < "/%:" <=5< <=" 5:;9< 9% 9/;"4"/;"/< 5/; 9% :/;" / 9/5/#95 95<9/ < <=" #345/6. W="" 5/ 5:;9< 4:#=5%"% ;% %"@9#"% 3 5 #345/6 5:;9<"; 6 =93 / #";9<8 =" 9% ;"9/9<"6 9/;"<"; < <=" #345/6 5/; 9 <=" 53:/< :<%<5/;9/ "#"";% :4""% /" <=:%5/;8 =" 9% ;9%:599"; 5449/<3"/< 5% 5/ 5:;9< <=" #345/6. T="""8 9/ <=9% #5%" M. V956 =5% "#3" 9/;"<"; < <=" #345/6 5/; #/%":"/<6 =" =5% ;""3"; < =5@" @5#5<"; =9% 9#". A/; 9< 9% 5% 559/%< <=" 4"%%9/5 "<=9#% 5##;9/ < #5:%" $ 45< 1 %"#/; %#=";:" C=5<"; A##:/<5/< A#<8 1,$, 7=9#= "5;% 5% A #=5<"; 5##:/<5/< 9/ 45#<9#" %=5 " ;""3"; < " :9<6 4"%%9/5 39%#/;:#<8 9 =" "4"%%"% =9% 49/9/ / 9/5/#95 %<5<"3"/<% 5/6 :%9/"%% "/<"49%" 9/ 7=9#= ="8 =9% 938 5 45" 9/ =9% 93 =5% 5 %:%<5/<95 9/<""%<. T=:%8 ="" 9% 4"%%9/5 39%#/;:#< / <=" 45< M. V956 5/; 5<3"/< 4"""/#" %=5"% 9% /< @59; 5##;9/ < <=" %#=";:" 5/; #5:%"% <=" %59; 5#<. $. )et)er a44o+,t3e,t of Ra3es) Bo)ra +s 2a+d or ,ot.
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
3 E45/5<9/ (1) < %"#<9/ !-! (1)
MEMORNADUM ON BEHALF OF PETITIONER ;"% /< #/<59/ 5/6 ;"9/9<9/ <=" <"3 /39/"" ;9"#<%0. T=" A#< <=:% 35?"% / ;9%<9/#<9/ "<7""/ <=" ;9"#<% / <=" 5%9% <="9 "9/ /39/"" ;9"#<% 5% 5 5% 9599<6 @95<9/ <=" 4@9%9/% <=" C345/6 A#< 5/; <=" A#<% 5" #/#"/";. C5:%" $,(1)(A) <=" L9%<9/ A""3"/< SEBI %<5<"% 5:< <=" #/%<9<:<9/ <=" B5; D9"#<%. I<% "45/5<9/ (99) %<5<"% <=5< I/%<9<:<9/5 ;9"#<% / <=" 5;% #345/9"% %=5 " #/%9;""; 5% 9/;"4"/;"/< ;9"#<% 7="<=" <=" 9/%<9<:<9/ 9% 5/ 9/@"%<9/ 9/%<9<:<9/ 5 "/;9/ 9/%<9<:<9/. $ I/ <=" 4"%"/< #5%"8 <=" %9<:5<9/ 9% 7="/ <=" ;9"#<% 5" "4"%"/<9/ <=" <=9; 45<6 9/ <=" B5;. H"" IDBI 9% 5 "/;9/ 9/%<9<:<9/ < <=" J'T L<; 5% <=" 5<<" =5% <5?"/ 5/ 3 <=" IDBI 9/ <=" 6"5 2-1! 7=9#= 5 :55/<"" =5% 5% ""/ 9@"/. T=""" 5% 4" <=" 5#<% <=" #5%" /<9#" 75% 9%%:"; 6 IDBI < <=" #345/6 5% < <=" ;"5:< 6 J'T L<; 5/; 9/ ;" < <5?" %:#= 35<<" 9/ <=" 5;8 9< =5% /39/5<"; M R53"%= B=5 5% <="9 "4"%"/<5<9@". T=" /39/"" ;9"#<0% 359/ ;:<6 9% < "4"%"/< 5/; %5":5; <=" 9/<""%<% <="9 #345/6 9/ <=" B5;. B"#5:%" <="9 ="5@6 #339<3"/<%8 %:#= 4@9;"% 3/"6 /5<:56 ;"%9" < %5":5; <="9 9/<""%<%. B"%9;"% <="6 79 5% 9?" < "/%:" <=5< <=" 3/"6 9% 9/@"%<"; 9/ <=" %<94:5<"; 4:4%"% /6. T=" 9=< < /39/5<" <=" ;9"#<% / <=" B5;% 9/5/#" #345/9"% 9% :%:56 #/<59/"; 9/ <=" #/<5#< 9<%". T=""" IDBI =5% 5 5:<=9<6 < /39/5<" 9<% ;9"#<. B:< 9/ <=9% #5%" <=" %=5"=;"% =5@" #=5"/"; <=" /39/5<9/ M. R53"%= B=5 5% =" 75% M. J9/"%= P5<"0% 35<"/5 :/#"0% %/. H"" / <=" 5%9% <=" 9%< "5<9@"% "/%=9/"; 9/ <=" S#=";:" 1A < <=" C345/9"% A#< 1,&8 M5<"/5 U/#"0% %/ 9% /< 3"/<9/"; 9/ <=" 9%<. S ="" M. J9/"%= P5<" 9% <=" M5/59/ D9"#< <=" #345/6 7= 9% #=599/ <=" EGM 5/; 9% /< "5<"; < M. R53"%= B=5 "#5:%" <="9 "5<9/ ;"% /< 9/; 5/6 45#" 9/ <=" L9%< R"5<9@"% 9/ <=" 5@" %59; %#=";:" 5/; <=""" =" #5//< " %59; < =5@" "5<"; 79<= <=" ;9"#<. T=""" R53"%= B=5 9% 5/ 9/;"4"/;"/< ;9"#< 5% 7" 5/; <=" %=5"=;"% 5" :/; < 5##"4< =9% /39/5<9/. F:<="3"8 5% 4" C5:%" $, 1(A) L9%<9/ A""3"/< SEBI8 #/%9;"9/ <= "45/5<9/ (9) 5/; "45/5<9/ (99)8 #599"% <=5< /39/"" ;9"#<% 5449/<"; 6 5 4:9# 9/5/#95 9/%<9<:<9/ 5/? 7=9#= =5% 9/@"%<"; 9/ "/< < <=" #345/6 %=5 " ;""3";
4 E45/5<9/ (99) < %: #5:%" (9) < C5:%" $, <=" L9%<9/ A""3"/< SEBI
MEMORNADUM ON BEHALF OF PETITIONER < " 9/;"4"/;"/< ;9"#<%. T="""8 R53"%= B=5 9% 5/ 9/;"4"/;"/< ;9"#< 5% 7" 5/; =9% 5449/<3"/< 9% @59; 5% 9/ 5##;5/#" 4@9%9/% <=" 57. T=:%8 <=" 5/ 5""3"/< 7:; =5@" ""/ ":5<9/ <=" "5<9/%=94 "<7""/ <=" #345/6 5/; IDBI 5/; <="""8 /< 5##"4<9/ <=" /39/5<9/ M. B=5 9% 5 "5#= %:#= 5""3"/< 5/; ="/#" IDBI =5% 5 <=" 9=<% < 5%? 3 <=" B5; <=" %4"#99# 4"35/#" <=" #/<5#< 6 <=" #345/6 6 <=" 756 5##"4<9/ <=" 5449/<3"/< 5% @59;.
MEMORNADUM ON BEHALF OF PETITIONER
=EREFORE IN T=E LI'=T OF ISSUES RAISED AR'U"ENTS ADVANCED AND AUT=ORITIES CITED T=E COUNSEL =U"BL(
"R. SU"ES= S=A= S=OULD NOT BE DECLARED AS AN INDEUIT( AND 'OOD CONSCIENCE. T=E COUNSEL ON BE=ALF OF
Cou,se For: