Delhi High Court
Glencore Grain Rotterdam B.V. vs Harnarain (India) Company on 22 February, 2011
Author: Shiv Narayan Dhingra
* IN THE HIGH COURT OF DELHI AT NEW DELHI
Date of Reserve: 24th January, 2011
Date of Order: 22nd February, 2011
+ Review Petition No. 485/2010 in Ex. Petition No. 72/2009
% 22.02.2011
Glencore Grain Rotterdam B.V. ... Petitioner
Through: Mr. Rajiv Nayyar, Sr. Advocate with
Mr. Darpan Wadhwa, Advocate
Versus
Harnarain (India) Company ... Respondent
Through: Mr. Narendra M. Sharma, Advocate &
Mr. Abhishek, Advocate
JUSTICE SHIV NARAYAN DHINGRA
1. Whether reporters of local papers may be allowed to see the judgment?
2. To be referred to the reporter or not?
3. Whether judgment should be reported in Digest?
ORDER
This Court vide order dated 19th April, 2010 had appointed SBI
Capital Markets Limited, World Trade Tower, 6th Floor, Barakhamba Lane, New
Delhi as authorized agent to sell the shares of JD No. 2 & 3 held by them in JD
No. 5 in execution of the decree. The amount so realized after sale of shares
was to be kept in "Suspense Account" and out of that the satisfaction of the
decree was to be done. However, SBI Capital Markets Limited could not do the
needful as it had stringent condition of payment of minimum fee of Rs. one crore
in advance. Thereafter this Court appointed HDFC Capital Limited in place of
SBI Capital Markets Limited to undertake the work of valuation and sale of shares
in terms of order dated 19th April, 2010. However, HDFC Capital Limited
expressed its inability and refused to take the job thus, an application was made
for appointment of another agent. Parties were given opportunity to give an
agreed name as broker however, the parties failed to arrive at a common name
as a broker. Under these circumstances, the choice was left to this Court to find
out a broker and appoint the same.
2. I, therefore, appoint ITCOT Consultancy and Services Limited 50-
A, Greames Road, Murugesan Naicker Complex, Chennai-600006 Ph.# 044-
28290324, 42936800 Fax # 044-28293512 as the firm to undertake valuation of
the shares held by JD No. 2 & 3 in JD No. 5 and after valuing the shares to sell
the shares. The work shall be split in two parts. The first part shall be the
valuation of the shares and second part shall be selling of the shares. JDs shall
provide all necessary information to the above said broker for valuation of the
shares and shall cause no hindrance. The aforesaid company shall complete
the valuation work as early as possible, in all probabilities within 60 days. The
initial charges for the first part of the work shall be borne by the decree holder to
be recovered from JDs as a part of the decreetal amount. The final fee for the
work shall also be recovered by the DH as a part of the decree. The sale of
shares shall be undertaken within 30 days after valuation of the shares. The
agent shall give its report after completion of entire work to the Court. The
money so realized shall be kept by agent in a nationalized bank and the same
shall be utilized in satisfaction of decree and in payment of fees of the agent.
Any hindrance caused by the JDs in the work of the agent shall be viewed
seriously.
February 22, 2011 SHIV NARAYAN DHINGRA, J.
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