Bombay High Court
Bajaj Auto Limited vs Executive Motors Private Limited ... on 19 January, 2023
Bench: R. I. Chagla
Digitally signed
by JITENDRA
JITENDRA SHANKAR
SHANKAR NIJASURE
NIJASURE Date:
2023.01.20
18:47:12 +0530
20-ial-28432-2021.doc
jsn
IN THE HIGH COURT OF JUDICATURE AT BOMBAY
ORDINARY ORIGINAL CIVIL JURISDICTION
INTERIM APPLICATION (L) NO.28432 OF 2021
IN
COMM EXECUTION APPLICATION (L) NO.28419 OF 2021
Bajaj Auto Ltd. ...Applicant /
Award Holder
Versus
Executive Motors Pvt. Ltd. ...Ori.
Respondent
And
Arun Chanda & Ors. ...Respondents
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Mr. Karl Tamboly with Ms. Swati Sutar and Ms. Manasi Chheda i/b.
Dhru & Co. for the Applicant.
Aseem Naphade with Dipti Karadkar i/b. Ramiz Shaikh for Addl.
Respondent Nos.1 and 2.
Mr. Asadali Mazgaonwala for Additional Respondent No.3.
----------
CORAM : R.I. CHAGLA J
DATE : 19 January 2023
ORDER :
1. Mr. Karl Tamboly, the learned Counsel appearing for the
Applicant / Award Holder has submitted that the Respondent /
Judgment Debtor has failed to comply with the order dated 13th
20-ial-28432-2021.doc
December, 2021 which had granted ad-interim relief in terms of
prayer clause B(I) of the Interim Application and had directed
disclosure in terms thereof. He has submitted that there has been
inadequate disclosure apart from the fact that the audited financial
statement of the Respondent No.1 for the year ended March, 2019 to
March, 2021 appears to be fabricated. There are discrepancies in
terms of the signature of the Chartered Accountant which is in same
ink as that of the Directors. With regard to the balance sheet dated
31st March, 2021, the Chartered Accountant has signed the balance
sheet on 30th November, 2020. He has further submitted that the
annexure A to the Auditors Report is in respect of another Company
and not the Respondent / Judgment Debtor. He has submitted that it
would be necessary for the Chartered Accountant to remain present
in Court to explain these discrepancies.
2. Mr. Naphade, the learned Counsel appearing for the
additional Respondent Nos.1 and 2 states that there is
correspondence addressed by the Applicant / Judgment Creditor on
17th January, 2022, wherein disclosures have been sought and it is
contended that the disclosure made by the Respondent / Judgment
Debtor is not in compliance with the said Order dated 13th February,
20-ial-28432-2021.doc
2021 passed by this Court. He has stated that the disclosure which
has been sought in the correspondence dated 17th January, 2022
shall be made by the Respondent / Judgment Debtor.
3. There is another issue raised by Mr. Tamboly that
Respondent Nos.1 and 2 have not made disclosures of their personal
assets despite ad-interim relief having been granted in terms of B(I),
wherein the Respondents would have to make disclosures. Mr.
Naphade has submitted that the Respondent Nos.2 and 3 are not
required to give disclosures as the award has been passed against
Respondent No.1 - Company.
4. The Respondents /Judgment Debtors shall file additional
Affidavit of Disclosure making the disclosures in accordance with the
disclosures sought by the Applicant / Judgment Creditor in the
Advocates letters dated 17th January, 2022. On the next date
arguments will be heard as to whether the Respondent Nos.2 and 3
are to make disclosures of their personal assets. The Chartered
Accountant Mr. Yogendra L. Jain shall remain present in Court on the
next date to explain the discrepancies in the financial accounts which
have been disclosed in the Affidavit of Disclosure of the Judgment
20-ial-28432-2021.doc
Debtor / Respondent Nos.2 and 3.
5. Mr. Karl Tamboly has at this stage clarifies that the relief
is being pressed against the current directors of Respondent
Company viz. Respondent Nos.1 and 2. He has further stated that
the only objection that remains in the Execution Application and the
reason for which it having not been finally numbered is that
additional Respondent Nos.1 to 3 have been joined later.
6. Considering that the additional Respondent Nos.1 to 3
are required to be joined, the objection raised by the Registry is
dispensed with. The Execution Application shall be finally numbered.
7. Having considered the submissions, it would be
appropriate to stand over the matter to 25th January, 2023. The
matter shall be listed first in the high on board matters.
[R.I. CHAGLA J.]
