Full Text
Translation output
x7 HIGH COURT OF DELHI LA. Nos. 13796/2009 & 8/2010 in O.M.P. 196/2009
ZOOM COMMUNICATION PVT LTD Petitioner
Through: Mr. Anil Sapra, Senior Advocate with
Mr. Sumant De, Advocate.
ZOOM COMMUNICATION PVT LTD Petitioner
Through: Mr. Anil Sapra, Senior Advocate with
Mr. Sumant De, Advocate.
VERSUS
TRIVENI MEDIA LIMITED . Respondent
Through: Mr. Chetan Sharma, Sr. Advocatewith Mr. Sanjay S. Chhabra & Mr. Alok Aggarwal, Advocates for respondent.
Mr. Kailash Vasudev, Sr. Advocate with Mr. Anshul Narayan, Advocate for applicant-Amit Sinha.
Through: Mr. Chetan Sharma, Sr. Advocatewith Mr. Sanjay S. Chhabra & Mr. Alok Aggarwal, Advocates for respondent.
Mr. Kailash Vasudev, Sr. Advocate with Mr. Anshul Narayan, Advocate for applicant-Amit Sinha.
CORAM:
HON'BLE MR. JUSTICE MANMOHAN
18.01.2010 Petitioner has filed the present petition under Section 9 of the
Arbitration and Conciliation Act, 1996 seeking reliefs with regard to non-return of equipments.
I.A. Nos. ]3796/2009 & 8/2010 in O.M.P. 196/2009 Page 1 of5
2010:DHC:11664 The petitioner claims in the present petition that equipments worth Rs.3.92 crores have not been returned to it. The aforesaid statement is disputed by the learned counsel for respondent.
During the pendency of present proceedings, promoters of respondent company namely, the Mittals entered into negotiations for sale of the entire share holding of the respondent company to Mr. Amit Sinha, sole proprietor of M/s. Search Light Movies. These negotiations culminated in the execution of Share Holder Agreement dated 25^*^ October, 2009 executed between Mr. Amit Sinha and Mr. Sumit Mittal as well as Mr. Madhur Mittal, present promoters of the respondent company. By virtue of the Share Holders Agreement, Mr. Amit Sinha is to acquire the entire share holding of the respondent company for a sum of Rs.68,52,00,000/- payable in 36 monthly installments.
Two monthly installments and a sum of Rs. 2 crores have already been made and accepted by the present promoters of respondent company namely Mr. Sumit Mittal.
As the disputes between the petitioner and respondent pertain to equipments supplied by the petitioner to respondent, Mr. Amit Sinha, LA. Nos. 13796/2009 &8/2010 in O.M.P. 196/2009 Page 2of5
- the prospective promoter is added as a proforma respondent to the present petition. Let an amended memo ofparties be filed during the course ofthe day by learned counsel for petitioner.
Mr. Kailash Vasudev, learned senior counsel appearing for Mr. Amit Sinha states that as Mr. Amit Sinha is a signatory to the Share
Holder Agreement dated 25^'' October, 2009, he shall deposit/pay in this Court a sum ofRs.4 crores as under:
"15'^ February, 2010 Rs. 25,00,000.00 15"^ March, 2010 Rs. 25,00,000.00
15'^ April, 2010 Rs. 25,00,000.00 15'^ May, 2010 Rs. 50,00,000.00
15"^ June, 2010 Rs. 50,00,000.00 15'^ July, 2010 Rs. 50,00,000.00
15"^ August, 2010 Rs. 75,00,000.00 15^*' September, 2010 Rs. 1,00.00.000.00
Rs. 4.00.00.000.00 It is made clearthat the aforesaid payments/deposits to be made by Mr. Amit Sinha are from the consideration payable by him to the
Sumit Mittal Group in terms of the Share Holders Agreement dated
25^ October, 2009 and shall be adjusted from the installments payable to the Mittal Group by Mr. Amit Sinha.
LA. Nos. 13796/2009 &8/2010 in O.M.P. 196/2009 Page 3of5
4^:
.1
•>
Mr. Sanjay Chhabra, learned counsel who appears for the Mittal
Group states, on instructions ofMr. Madhur Mittal, who is personally present in Court that he has no objection to the aforesaid.
Accordingly, only the remaining amounts ofmonthly installments will be paid by Mr. Amit Sinha to the Mittal Group after due adjustment ofthe above amounts under the Share Holders Agreement dated 25^
October, 2009.
It is, however, made clear that the payments/deposits being made byMr. Amit Sinha isnotan acknowldgement of any liability of
Mr. Sinha in any claim made on the respondent company by Zoom
Communication Private Limited or any other claimants.
The amount deposited in this Court shall be kept in Fixed
Deposits initially for a period of thirteen months and shall be disbursed subject to further orders passed bythe learned Arbitrator.
^ Petitioner is also granted liberty to amend its counter claim
J statement filed before the learnedArbitrator.
Likewise the land and cheque security furnished by the Mittal
Group, shall abide by further orders to be passed by the learned
Arbitrator.
LA. Nos. 13796/2009 &8/2010 in O.M.P. 196/2009 Page 4of5
18.01.2010 Petitioner has filed the present petition under Section 9 of the
Arbitration and Conciliation Act, 1996 seeking reliefs with regard to non-return of equipments.
I.A. Nos. ]3796/2009 & 8/2010 in O.M.P. 196/2009 Page 1 of5
2010:DHC:11664 The petitioner claims in the present petition that equipments worth Rs.3.92 crores have not been returned to it. The aforesaid statement is disputed by the learned counsel for respondent.
During the pendency of present proceedings, promoters of respondent company namely, the Mittals entered into negotiations for sale of the entire share holding of the respondent company to Mr. Amit Sinha, sole proprietor of M/s. Search Light Movies. These negotiations culminated in the execution of Share Holder Agreement dated 25^*^ October, 2009 executed between Mr. Amit Sinha and Mr. Sumit Mittal as well as Mr. Madhur Mittal, present promoters of the respondent company. By virtue of the Share Holders Agreement, Mr. Amit Sinha is to acquire the entire share holding of the respondent company for a sum of Rs.68,52,00,000/- payable in 36 monthly installments.
Two monthly installments and a sum of Rs. 2 crores have already been made and accepted by the present promoters of respondent company namely Mr. Sumit Mittal.
As the disputes between the petitioner and respondent pertain to equipments supplied by the petitioner to respondent, Mr. Amit Sinha, LA. Nos. 13796/2009 &8/2010 in O.M.P. 196/2009 Page 2of5
- the prospective promoter is added as a proforma respondent to the present petition. Let an amended memo ofparties be filed during the course ofthe day by learned counsel for petitioner.
Mr. Kailash Vasudev, learned senior counsel appearing for Mr. Amit Sinha states that as Mr. Amit Sinha is a signatory to the Share
Holder Agreement dated 25^'' October, 2009, he shall deposit/pay in this Court a sum ofRs.4 crores as under:
"15'^ February, 2010 Rs. 25,00,000.00 15"^ March, 2010 Rs. 25,00,000.00
15'^ April, 2010 Rs. 25,00,000.00 15'^ May, 2010 Rs. 50,00,000.00
15"^ June, 2010 Rs. 50,00,000.00 15'^ July, 2010 Rs. 50,00,000.00
15"^ August, 2010 Rs. 75,00,000.00 15^*' September, 2010 Rs. 1,00.00.000.00
Rs. 4.00.00.000.00 It is made clearthat the aforesaid payments/deposits to be made by Mr. Amit Sinha are from the consideration payable by him to the
Sumit Mittal Group in terms of the Share Holders Agreement dated
25^ October, 2009 and shall be adjusted from the installments payable to the Mittal Group by Mr. Amit Sinha.
LA. Nos. 13796/2009 &8/2010 in O.M.P. 196/2009 Page 3of5
4^:
.1
•>
Mr. Sanjay Chhabra, learned counsel who appears for the Mittal
Group states, on instructions ofMr. Madhur Mittal, who is personally present in Court that he has no objection to the aforesaid.
Accordingly, only the remaining amounts ofmonthly installments will be paid by Mr. Amit Sinha to the Mittal Group after due adjustment ofthe above amounts under the Share Holders Agreement dated 25^
October, 2009.
It is, however, made clear that the payments/deposits being made byMr. Amit Sinha isnotan acknowldgement of any liability of
Mr. Sinha in any claim made on the respondent company by Zoom
Communication Private Limited or any other claimants.
The amount deposited in this Court shall be kept in Fixed
Deposits initially for a period of thirteen months and shall be disbursed subject to further orders passed bythe learned Arbitrator.
^ Petitioner is also granted liberty to amend its counter claim
J statement filed before the learnedArbitrator.
Likewise the land and cheque security furnished by the Mittal
Group, shall abide by further orders to be passed by the learned
Arbitrator.
LA. Nos. 13796/2009 &8/2010 in O.M.P. 196/2009 Page 4of5
JUDGMENT