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Judgment
Tarun Agarwala, Presiding Officer
These appeals arise from a common order and are being taken up together.
It transpires that a show cause notice was issued to the appellants alleging receipt of equity shares allotted to them by the company conversion of warrants without paying full consideration and, thus, got benefited by the company and further caused loss to the other shareholders of the company and accordingly various penalties and directions were issued.
Having heard the learned counsel for the parties, we find that pursuant to the remand order passed by this Tribunal, the WTM reconsidered the case of one of the noticees, namely, Gilani Infra Pvt. Ltd. (formerly known as Hamraj Fashions Consultants Pvt. Ltd.) dated September 23, 2021 and found in paragraph No. 13 of the said order that the said noticee had paid the balance 75% consideration pursuant to the conversion of the warrants into equity shares which was reflected in the 20th annual report of the company for the year 2010-11. This fact is not disputed by the respondent.
It was contended that the annual reports of the appellants are also in the public domain and they have paid the consideration which is reflected in the annual reports.
In the light of the aforesaid, we set aside the matters and remit the appeals to the WTM for reconsideration of the issue after considering the annual reports and such other evidence that may be placed by the appellants.
The appeals are allowed with no order as to costs.
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 Private Secretary 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.