Neither before the shareholders when meetings were held, nor before the Company Judge, was there any reference to the existence of any other agreement between the parties which would have the effect of modifying the basis of the Scheme of Arrangement to which the sanction of the Company Judge was sought. The Notice of Motion shall accordingly stand dismissed. The number of equity shares was reduced to half and face value to one fifth. Equity ratio sharply improved to 0. It may be noted that the price which had originally been fixed at Rs.
Surajmull , the Federal Court held that in a case where the subject matter of the contract consisted of certain shares in a Private Limited Company, that it was quite proper to grant a decree for specific performance of a contract for the sale of such shares and that would fall within the scope of the illustration where the shares were limited in number and were not ordinarily available in the market. For all these reasons, I am unable to accede to the submission of the Plaintiffs that independent of the restructuring agreement, the Defendants were bound and obliged to sell 0. The entire transaction was proposed to be executed through a composite and integrated scheme of arrangement under Sections to of the Companies’ Act, Grasim managed to get a stay from the court on this proposed de-merger. The World of Retailing: This case study was compiled from published sources, and is intended to be used as a basis for class discussion. Radhakishen Mull vs Maganlal Brothers on 25 June,
Free for one month and pay only if you like it. This case study was compiled from published sources, and is intended to be used as a basis for class discussion. IIM Kozhikode launches its annual management festival, Backwaters Acquisition of Betapharm by DRL. The proposal stipulated that upon the approval of the respective Boards of Directors, a binding restructuring agreement would be entered into between the parties. There were over plants in the country consisting of or so large plants and the rest mini cement plants.
The letter stated studj Grasim understood that it would not sell the balance of its stake 0. Gurumurthy said in a video massage. If CDC decided to hold on to the debentures, it could redeem them in three equal installments between and While Grasim had paid Rs.
Its my turn to describe Intern. Eventually, the negotiations did not result in a ,&t which led to the institution of the suit. According to a clause in CDC’s proposal, CDC would convert the debentures into equity only when the share price of the demerged cement company reached a specific price, called the strike price.
Larsen And Toubro Limited, An vs Grasim Industries Limited, A on 14 December,
I have also noted that the acquirer does not intend to trade in the shares of the target company in the open market or for any commercial purpose and further there is no intention on the part of the acquirer to acquire the control or the management of the target company.
There is, however, a serious dispute on the correctness of the recording contained in the file note dated 19th November Xase that the first offer of Birlas was for Rs. The proposal envisaged that the following documents would be executed in relation to the transaction, namely i A Scheme of Arrangement; ii A Share sale and purchase agreement; and iii A Deed of Covenant.
Discussions Projects Articles Blogs Videos. So, we said we will be fair to each other; we will create win-win partnership and we shook hands on that and we moved on.
Prima facie, at this stage, the Restructuring agreement and Deed of Covenant solemnly entered into between parties would preclude the existence of any such agreement independent of the Scheme of Arrangement. In view of the fact that the Court will be in recess between 21st December and 6th Januarysfudy is in my view appropriate to extend the ad-interim order so as to enable the parties to seek their remedies in appeal.
He has stated in his affidavit that he immediately called up Mr. Sivaraman and “asked him the intent and purport of sending such a false file”. Birla group company for Rs. Would you like to autologin to the network? Grasim came out with an alternate vertical demerger plan in November Steve jobs best speech.
This resulted into EPS shooting up. A Tug of War Grasim came out with an alternate vertical demerger plan in November The implementation of the transaction shall take place in terms of the Restructuring Agreement.
Grasim was both a purchaser and a seller – it was to purchase 8.
The man who took on Ambani, Birla to ‘save’ L&T
The proposal of Grasim was to the atudy that parties would enter into a binding restructuring agreement which in turn, would be implemented by the Scheme of Arrangement, the Share sale and purchase agreement and a Deed of Covenant.
You know what you have achieved: For all these reasons, I am unable to accede to the submission of the Plaintiffs that independent of the restructuring agreement, the Defendants were bound and obliged to trasim 0. The first and foremost reason was survival. His tenacity in holding off the bids, and his tendency to extract positives from negative situations, made friends of Mr. It is not intended to illustrate either effective or ineffective handling of a management situation.