were filed by the plaintiffs namely, Mrs. Renuka Datla and Dr. Vijay Kumar Datla.
Counsel for the parties state that the dispute between them has been settled.
The other two Suits of similar nature were filed by the petitioner in S.L.P.Nos.
the parties settled the disputes and the terms of mutual settlement were reduced to writing and they were signed by all the parties.
The relevant date for valuation was fixed as 31st March, 2001.
The I.A. filed in O.S.No.
The suit O.S.No.
8316 8321 of 2001 as well as the application filed by Smt.
On the initiative taken by this Court while hearing the S.L.Ps.,
18035/2000.
Suits were filed by the petitioners, who are the wife and husband, in the City Civil Court, Hyderabad impleading the Companies and the third respondent by name Shri Vasant Kumar, the subject matter of the suits broadly being the transfer of shareholdings.
The terms of mutual settlement shall form part of this order.
WITH INTERLOCUTORY APPLICATION NO.2/2002 With Interlocutory application Nos.
3 4/2002 Venkatarama Reddi, J. The dispute is between the shareholders of two pharmaceutical companypanies which figure as respondents herein.
However, the ad interim injunction granted in the suits filed by the petitioner in SLPs 18041 18042/2000 remained in force.
Valuation has to be companypleted within a period of four weeks.
Shri Y.H. Malegam, Chartered Accountant, Mumbai had to evaluate the intrinsic worth of both the Companies DPIL and DIL as going companycerns and the value of the said 4.91 shares held by the petitioners in those two Companies by applying the standard and generally accepted method of valuation.
551 of 2000 was filed by the petitioner in S.L.P.No.
551 of 2000 under Order 39 Rules 1 2 was dismissed by the learned trial Judge while vacating the ex parte injunction granted earlier.
simultaneously with receipt of the total companysideration for 4.91 shares, the petitioner shall effect the transfer of shares.
Against this companymon order of the High Court, the present S.L.Ps.
The payment for shares shall be made within two weeks of the submission of the valuation report and the statutory approvals thereof failing which the respondents shall pay interest at the rate of 15 p.a.
Along with the suit the petitioner plaintiff applied for an interim injunction restraining the defendants respondents 1 and 3 Solvay Pharmaceutical B.V. and Shri D. Vasant Kumar from transferring exchanging their shareholdings in defendant Companies 2 4 pending disposal of the suit.
Copy of the order be sent to Shri Y.M. Malegam, Chartered Accountant, M s. S.B. Billimoria Co., Mumbai 400 038.
According to the terms of settlement, M s. Solvay Pharmaceuticals R1 and Mr. Vasant Kumar R3 have agreed to purchase 4.91 shares held by the petitioners in the two companypanies namely Duphar Pharma India Ltd. DPIL renamed as Solvay Pharma India Ltd. and Duphar Interfran Ltd. DIL , the petitioners having agreed to sell the said shares.
Renuka Datla under Section 399 4 of the Companies Act before the Central Government.
The valuation of Shri Malegam shall be regarded as final and binding on all the parties to the settlement.
The respondent Shri Vasant Kumar shall withdraw the Suits filed in the City Civil Court, Hyderabad likewise, the petitioners shall withdraw the Suits filed by them in the City Civil Court and also the appeals in this CourtC.A.Nos.
Aggrieved parties filed three appeals in the High Court under Order 43 Rule 1 C.P.C. The appeal filed by the petitioner in the first S.L.P. against the refusal of injunction was dismissed by the High Court and the other two appeals filed by the aggrieved defendants were allowed and the ad interim injunction in both the cases was vacated.
It was agreed that the S.L.P. shall be kept pending for passing the final orders in terms of the settlement.
This Court passed the following order on 15th July, 2002 to give effect to the settlement.
18041 18042 of 2000 and interim injunction was sought for.
