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Life Insurance Corporation of India Vs. Escorts Ltd. and ors. - Court Judgment

LegalCrystal Citation
SubjectCompany
CourtSupreme Court of India
Decided On
Case NumberCivil Appeal Nos. 2317 and 2318 of 1984 and Transfer Petition (C) No. 190 of 1984
Judge
Reported in1988Supp(1)SCC498; [1984]3SCR643; 1984(16)LC661(SC)
AppellantLife Insurance Corporation of India;union of India
RespondentEscorts Ltd. and ors.;escorts Ltd. and ors.
Appellant Advocate K. Parasaran,; Attorney General,; Milon K. Banerjee,;
Respondent Advocate N.A. Palkhivala, ; Soli J. Sorabjee, ; P.R. Mridul, ;
Prior historyFrom the Judgment and Order dated March 14/15, 1983 of the High Court of Bombay in W.P. No. 3063 of 1983
Excerpt:
company - stay order - sections 169 and 284 of companies act, 1956 - appeal against order of stay/injunction passed by high court prohibiting any action being taken on basis of requisition put in by appellant - impugned order of high court vacated - all appropriated proceedings directed to be taken in accordance with law on basis of requisition - no effect to be given to any resolution that company may pass in extraordinary general meeting to be held in consequence of requisition without obtaining prior direction from this court - pendency of cases not to stand in way of holding annual general meeting in normal course - prayer as to amendment of cause title allowed. - .....& 5412/84.2. we have heard learned attorney general for the petitioners and mr. palkhivala, learned counsel for respondents at length.3. special leave granted. there will be an order vacating the order of stay/injunction passed by the single judge of the high court, prohibiting any action being taken on the basis of the requisition put in by l.i.c. we direct that all appropriate proceedings will be taken in accordance with law on the basis of the requisition. however, no effect should be given to any resolution the company may pass at the extra-ordinary general meeting to be held in consequence of the requisition without obtaining prior directions from this court. the pendency of these cases in this court will not stand in the way of holding the annual general meeting of the.....
Judgment:

S. Murtaza Fazal Ali, J.

1. In SLP (C) Nos. 5392/84 & 5412/84.

2. We have heard learned Attorney General for the petitioners and Mr. Palkhivala, learned Counsel for respondents at length.

3. Special leave granted. There will be an Order vacating the Order of stay/injunction passed by the Single Judge of the High Court, prohibiting any action being taken on the basis of the requisition put in by L.I.C. We direct that all appropriate proceedings will be taken in accordance with law on the basis of the requisition. However, no effect should be given to any resolution the company may pass at the extra-ordinary general meeting to be held in consequence of the requisition without obtaining prior directions from this Court. The pendency of these cases in this Court will not stand in the way of holding the annual general meeting of the company in the normal course. These appeals are disposed of except that they will be kept pending for the limited purpose to enable counsel to move this Court for directions as indicated above. In computing the time for taking steps pursuant to the requisition, the period from the date of requisition till this day will be excluded in view of interim stay/injunction granted by the High Court.

The prayer for amendment of the cause title is allowed.

4.Mr. Palkhivala, learned Counsel on behalf of the respondents states that matter is being listed before the High Court for final hearing on 11th June, 1984 and he assures this Court that his clients will fully co-operate so that the case can be heard and finally disposed of in the High Court by the end of June, 1984. We request the High Court to dispose of the matter finally as expeditiously as possible. In view of this, the learned Attorney General does not press the Transfer Petition for the present which is accordingly dismissed.


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