The appeals were filed under Section 423 of the Companies Act, 2013, against a judgment and order of the National Company Law Appellate Tribunal (NCLAT) dated 18 July 2017. The NCLAT had dismissed an appeal against an order dated 6 March 2017 of the National Company Law Tribunal (NCLT) at its Chennai Bench. The case involves a share purchase agreement dated 19 July 2004 between KC Palanisamy, Kasturi and Sons Limited (KSL), Sporting Pastime India Limited (SPIL), and Hindcorp Resorts Pvt. Ltd. (Hindcorp). Disputes arose when the transaction was not completed, leading to arbitral proceedings. The arbitral tribunal made an award on 16 December 2009, which was challenged by KCP but upheld by the Madras High Court. KSL initiated proceedings for rectification of the register
…Kasturi and Sons Limited (KSL) and Sporting Pastime India Limited (SPIL) entered into an agreement with KC Palanisamy (KCP) and Hindcorp Resorts Pvt. Ltd. (Hindcorp) on 19 July 2004. Under the agreement, SPIL was to allot 240 lakh equity shares to KSL against book debts. KSL offered to sell 243 lakh equity shares to KCP or his nominees, representing 90% of the share capital, for a lumpsum consideration of Rs 2,31,50,000. The intention was for KCP to take over SPIL's business, shares, and liabilities. Clause 14 of the agreement recognized KCP's right to sell or transfer his SPIL holding, provided the transferees accepted the agreement's terms. KCP paid Rs 2.5 crores against a total consideration of Rs 30 crores. Ninety-five percent of the shares were transferred to
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The appeals were filed under Section 423 of the Companies Act, 2013, against a judgment and order of the National Company Law Appellate Tribunal (NCLAT) dated 18 July 2017. The NCLAT had dismissed an appeal against an order dated 6 March 2017 of the National Company Law Tribunal (NCLT) at its Chennai Bench. The case involves a share purchase agreement dated 19 July 2004 between KC Palanisamy, Kasturi and Sons Limited (KSL), Sporting Pastime India Limited (SPIL), and Hindcorp Resorts Pvt. Ltd. (Hindcorp). Disputes arose when the transaction was not completed, leading to arbitral proceedings. The arbitral tribunal made an award on 16 December 2009, which was challenged by KCP but upheld by the Madras High Court. KSL initiated proceedings for rectification of the register
…Kasturi and Sons Limited (KSL) and Sporting Pastime India Limited (SPIL) entered into an agreement with KC Palanisamy (KCP) and Hindcorp Resorts Pvt. Ltd. (Hindcorp) on 19 July 2004. Under the agreement, SPIL was to allot 240 lakh equity shares to KSL against book debts. KSL offered to sell 243 lakh equity shares to KCP or his nominees, representing 90% of the share capital, for a lumpsum consideration of Rs 2,31,50,000. The intention was for KCP to take over SPIL's business, shares, and liabilities. Clause 14 of the agreement recognized KCP's right to sell or transfer his SPIL holding, provided the transferees accepted the agreement's terms. KCP paid Rs 2.5 crores against a total consideration of Rs 30 crores. Ninety-five percent of the shares were transferred to
…Agreement entered into…
KCP, as authorized signatory of the appellant,…
Sign in to view related legal provisions.