Madras High Court
M/S.Vertiv Capital Inc vs M/S.Cetex Petrochemicals ... on 2 August, 2021
1
IN THE HIGH COURT OF JUDICATURE AT MADRAS
DATED: 02.08.2021
CORAM
THE HONOURABLE DR. JUSTICE G.JAYACHANDRAN
C.S.(Com. Div.) No.4 of 2021
and
O.A.No.8 of 2021,
A.No.2304 of 2021
1.M/s.Vertiv Capital Inc.,
Rep. by its Authorised Signatory,
Mr.Kalyan Chakravarthy,
245, Park Avenue, Floor 39,
New York 10167.
Having branch office at
2nd floor, Preston Mall, No.62,
Old Mumbai Highway, Lumbini Avenue,
Gachibowli, Hyderabad 500 081.
2.M/s.Vertive Inc.
Rep. by its Authorised Signatory,
Mr.Kalyan Chakravarthy,
5, Vaughn Dr.Suite 310,
Princeton, New Jersey 08540.
Having branch office at:
2nd Floor, Preston Mall, No.62,
Old Mumbai Highway, Lumbini Avenue,
Gachibowli, Hyderabad 500 081.
3.M/s.Gnaritas Inc.,
Rep. by its Authorised Singatory,
Mr.Kalyan Chakravarthy,
502, Carnegie Center, Suite 101,
Princeton, New Jersey 08540.
https://www.mhc.tn.gov.in/judis/
2
Having branch office at:
2nd floor, Preston Mall, No.62,
Old Mumbai Highway, Lumbini Avenue,
Gachibowli, Hyderabad 500 081. .. Plaintiffs
vs
1.M/s.Cetex Petrochemicals Limited,
Having registered office at
Manali Express Road,
Manali, Chennai 600 068.
Having branch office at
Suite No.4007 & 4008,
ITC Grand Chola,
No.63, Mount Road,
Guindy, Chennai 600 032.
2.Mr.Farooq Ahmad Mann,
Liquidator of Wayne Burt Pte Ltd.,
c/o Mann & Associates PAC,
3, Shenton House, Singapore,
# 03-06C, Singapore 068 805.
(D2 impleaded as per order dated 21.04.2021 in
A.No.402/2021) ...Defendants
Prayer:Civil Suit filed under Order IV read with Order VII Rule 1 of
CPC praying for the following:
a) declaring the plaintiff's title over 2,96,51,068 shares in the
defendant company as per the judgment dated 27th February, 2020 passed
by the Hon'ble United States District Court for the District of New Jersey
in Civil Action No.3:20-cv-00363-FLW-ZNQ is valid and binding on the
defendant.
b) granting a mandatory injunction directing the defendant to include
the names of the plaintiffs in its Register of Members and thereby ensure
plaintiffs' proportionate representation in the defendant's Board of
Directors;
https://www.mhc.tn.gov.in/judis/
3
c) directing the defendant to bear the cost of this suit.
For Plaintiffs : Mr.K.Surendar
For Defendants : Mr.Meghna Kumar for D1
Mr.P.Giridharan for D2
JUDGMENT
Memo is filed by the plaintiff under Order XXIII Rule 1 and 3
of CPC to withdraw the suit with leave. The reason stated in the memo is
that the foreign decree, which is sought to be enforced before this Court
in the present suit has now been set aside by order dated 23.07.2021.
Therefore, the present suit has become infructuous, but however, sought
liberty to institute a fresh suit based on any judgment that may be passed
in Civil Action No.3:20-cv-00363-FLW-ZNQ by the Hon'ble United
States District Court for the District of New Jersy to be granted.
2.Learned counsel for the defendants have a strong objection
for withdrawal of the suit. According to them, the plaintiff herein
obtained a decree in the above Civil Action suit on 27.02.2020 at District
Court of New Jersey by playing fraud and the same was set aside and
reopened by order dated 23.07.2021. Hence, for malicious prosecution,
the suit has to be dismissed with costs.
https://www.mhc.tn.gov.in/judis/
DR.G.JAYACHANDRAN,J.
Vri
3.This Court on considering the pleadings finds that when the
suit C.S.No.4 of 2021 filed before the Commercial Division of this
Court, there was a valid decree passed by a Foreign Court. Therefore,
there was no primafacie malafide or malicious intention on the part of the
plaintiff the date of filing the suit. The subsequent event of setting aside
the said foreign decree has now lead to a situation that the present suit
filed to enforce the foreign judgment has been vitiated and the cause of
action in the present suit has become non est. Therefore, if at all any
fraud committed by the plaintiff, as contended by the defendants, it will
be only in respect of the decree passed by the US Court on 27.02.2020.
This Court is not inclined to look into those facts, which is beyond the
jurisdiction of this Court. Hence, the suit is dismissed as withdrawn
without any condition or leave. No order as to costs. The connected
applications are closed.
02.08.2021
vri
C.S.(Com. Div.) No.4 of 2021
and O.A.No.8 of 2021,
https://www.mhc.tn.gov.in/judis/ A.No.2304 of 2021
