Kotak India Venture Fund-I filed a Company Petition under Section 7 of the Insolvency & Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Indus Biotech Private Limited, alleging failure to redeem Optionally Convertible Redeemable Preference Shares (OCRPS) as per the Share Subscription and Shareholders Agreement (SSSA) dated 20.07.2007. Indus Biotech filed an Interlocutory Application (IA No.3597/2019) seeking referral of the dispute to arbitration based on an arbitration clause in the SSSA. The dispute arose from disagreements over the calculation and conversion formula for the preference shares into equity shares during a proposed Qualified Initial Public Offering (QIPO). Kotak Group entities sought a higher percentage
…In 2007-08, Kotak Private Equity Group showed interest in subscribing to the share capital of Indus Biotech Private Limited. The Kotak Group consisted of Kotak India Venture Fund-I, Kotak India Venture (Offshore) Fund, Kotak Mahindra Investments Limited (later transferred to Kotak Securities Limited), and Kotak Employees Investment Trust. Indus Biotech entered into separate Share Subscription & Shareholders Agreements (SSSAs) with each of the four Kotak Group entities. The terms and conditions of the four SSSAs were materially identical. The Kotak Group subscribed to a share capital of ₹27,00,00,000/-, including equity and preference share capital. The Petitioner subscribed to equity shares and Optionally Convertible Redeemable Preference Shares (OCRPS) issued by
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Application under…
SSSA dated 20.07.2007…
Kotak India Venture Fund-I filed a Company Petition under Section 7 of the Insolvency & Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Indus Biotech Private Limited, alleging failure to redeem Optionally Convertible Redeemable Preference Shares (OCRPS) as per the Share Subscription and Shareholders Agreement (SSSA) dated 20.07.2007. Indus Biotech filed an Interlocutory Application (IA No.3597/2019) seeking referral of the dispute to arbitration based on an arbitration clause in the SSSA. The dispute arose from disagreements over the calculation and conversion formula for the preference shares into equity shares during a proposed Qualified Initial Public Offering (QIPO). Kotak Group entities sought a higher percentage
…In 2007-08, Kotak Private Equity Group showed interest in subscribing to the share capital of Indus Biotech Private Limited. The Kotak Group consisted of Kotak India Venture Fund-I, Kotak India Venture (Offshore) Fund, Kotak Mahindra Investments Limited (later transferred to Kotak Securities Limited), and Kotak Employees Investment Trust. Indus Biotech entered into separate Share Subscription & Shareholders Agreements (SSSAs) with each of the four Kotak Group entities. The terms and conditions of the four SSSAs were materially identical. The Kotak Group subscribed to a share capital of ₹27,00,00,000/-, including equity and preference share capital. The Petitioner subscribed to equity shares and Optionally Convertible Redeemable Preference Shares (OCRPS) issued by
…Application under…
SSSA dated 20.07.2007…