Pranil P. Mount & Ors vs Jaya Hind Industries Ltd. & Ors
- CitationCompany Appeal (AT) No. 69 of 2020
Ratio decidendi
The rule this decision rests on
The appellate tribunal will not interfere with an interim-relief refusal on the ground that the relief sought is premature where the company's proposed conversion from public to private company is itself the subject of a pending application under Section 14 of the Companies Act, 2013, and the appellant may raise all its pleas in that proceeding.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
IN THE MATTER OF: Pranil P. Mount & Ors. ...Appellants Versus Jaya Hind Industries Ltd. & Ors. ...Respondents
Present For Appellants: Mr. K. Anandh and Ms. Madhumita Chakrabourty, Advocates. For Respondents: Mr. Arun Kathpalia, Senior Advocate with Ms. Surekha Raman and Mr. Vijay Valsan, Advocates for Respondent Nos.6, 8 and 9.
ORDER
13.03.2020 Having heard learned Counsel for the Appellants and learned
Counsel for the Respondents and being satisfied with the grounds, the delay of
nine days in preferring the Appeal is hereby condoned. Interlocutory Application
No.1094 of 2020 stands disposed of.
In a pending Petition under Section 241-242 of the Companies Act, 2013,
the Appellants/ Original Petitioner moved a Miscellaneous Application for
interim relief on the ground that the Respondents intend to convert the Company
from Public Limited Company to Private Limited Company with malicious intent.
The National Company Law Tribunal, Mumbai Bench (for short the 'Tribunal') by
impugned order dated 20th December, 2019 rejected the Miscellaneous
Application on the ground that the prayer is premature.
Page 1 of 2
Learned Counsel for the Appellants submits that the Company has already
taken a resolution for conversion of the Company from Public Limited Company
to Private Limited Company. If that be so, the Company will have to move an
application under Section 14 of the Companies Act, 2013. It is also informed
that an application under Section 14 of the Companies Act, 2013 has been
moved by the Company, which is pending consideration before the Tribunal.
In the circumstances, we are not inclined to interfere with the impugned
order. The Appellant is allowed to take all the plea before the Tribunal, where
the Application under Section 14 of the Companies Act, 2013 is pending. The
Appeal stands disposed of.
[Justice S.J Mukhopadhaya] Chairperson
[Justice Bansi Lal Bhat] Member(Judicial)
[Alok Srivastava] Member (Technical)
Ash/RR Company Appeal (AT) No. 69 of 2020 Page 2 of 2
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