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Judgment
Since we have taken up the appeal the urgency application is disposed of.
Three appeals have been filed against a common order and are being taken up together.
After hearing the learned counsel for the parties we direct the respondent to file a reply within three weeks. Three weeks’ thereafter to the
appellant to file rejoinder. The matter would be listed for admission and for final disposed on 29th October, 2021.
We find that the transactions had been made in 2012 based on which a restraint order was passed by the respondent on 13th July, 2014. Further,
the target Company has also been wound up by an order of the High Court. Consequently, by the impugned order the direction to the appellants to
make an open offer appears to be harsh and excessive. We, consequently, stay the effect and operation of the impugned order till the next date of
listing.
Parties are directed to contact the Registrar 48 hours before the date fixed to find out as to whether the hearing would take place through video
conferencing 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 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.