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Judgment
We have heard Shri Nimay Dave, the learned counsel for the appellant and Shri Abhiraj Arora, the learned counsel for the respondent through
video conference.
Three weeks time is allowed to the respondent to file a reply. Two weeks thereafter to the appellant to file a rejoinder.
List on January 18, 2021.
The question which arises for consideration is, whether the appellants have followed the provisions of Section 62(3) of the Companies Act, 2013
while converting the loan into equity shares. Considering the finding that the loan of the Company was reduced which is adverted by the WTM in the
impugned order we direct that the effect and operation of the impugned order shall remain stayed provided the appellant deposits a sum of Rs. 25
lakhs within four weeks from today before the respondent. The amount so deposited shall be subject to the result of the appeal. The application for
stay is accordingly disposed of.
Parties are directed to take instructions from the Registrar 48 hours before the date fixed in order to find out as to whether the matter would be
taken up for hearing through video conference or through physical hearing.
The present matter was heard through video conference due to Covid-19 pandemic. At this stage it is not possible to sign a copy of this order nor a
certified copy of this order could be issued by the registry. In these circumstances, this order will be digitally signed by the Presiding Officer on behalf
of the bench and all concerned parties are directed to act on the digitally signed copy of this order. Parties will act on production of a digitally signed
copy sent by fax and/or email.