AI Structured Summary
Not yet generated for this judgment
Judgment
Since the matter has been taken up for hearing, the urgency application is allowed and disposed off accordingly. Let a reply be filed by the respondent within two weeks from today. Rejoinder may be filed within two weeks thereafter. The matter would be listed for admission and for final disposal on June 30, 2023. It is made clear that the matter will not be adjourned on that date.
One of the question that arises for consideration is, whether Ksheer Sagar Developers Private Limited is a subsidiary or an associate of the Company and whether a fraudulent scheme has been framed by the Company which has led to misstatement in the financial statements of the Company.
We find that by the impugned ex-parte ad interim order the appellants have been directed to consolidate the financial statements, namely, to include the financial statements of the associate/ subsidiary Company Ksheer Sagar Developers Private Limited. Considering the aforesaid, we stay the effect and operation of the impugned order till the next date of listing.
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. Certified copy of this order is also available from the Registry on payment of usual charges.