Life Insurance Corporation of India, Etc. v. Escorts Ltd. & Others, Etc. .

Judgment

The Order of the Court was delivered by FAZAL ALI, J~ . .In SU' (C) Nos. 5392/84 & 5412~4. We have heard learned Attorney General ..for the petitioriors and Mr. Palkhivala, learned counsel for respqndents at length. Special leave granted. There will be. an order vacating the . order of stay/injunction passed by the Single Ju.\lge of the High Co11rt, .prohibiting any action being taken on . the basis of the requisitio.n put in by L.I.C. We direct that all appropriate proceedings will be taken in accordance ·with Jaw· on the basis of tho requisition. .However, no effect should be given to.any resol.ution t:be company may pass at the extra:orginary general meeting to -be held in consequence of the requisition without obtaining prior directions from this Court. The pendency of these cases in this Court will no\. stand in the way of holding the ann~l general meeting of the . company in the norinal course.

These appeals are disposed of except that they will be kept pending for the limited purpoil'e to enable counsel to move this Court for directions as indicated above·. In computing the time for taking steps· pursuant to the requisititon, the periOd from the.date of requisition· till this day wHI be excluded in view of interim stay/injunction granted by the High Court. Th.e prayer for amendment of the cause title is allowed, . t- ' i. I. c.. v. ESC,ORTS <Fazal Ali, J) Transfer Petition (C) No t90 of 1984. Mr. Palkhivala, learned counsel on behalf of the respondents stltes that matter is being liste.d before' the High Court. for final hearing on 11th June, 1984 and he assures this Court that his clients will . fully co·qperate so that the case can he heard and fin.ally disposed of in the High Court by the end ofJune, 1984. We request the High. Court to.di~pose of the matter finally as expeditiously as · possible.

In view of this, the learned Attorney General does not pNss the Transfer Petition fo~ the present which is accordingly dismissed. N.V.K. Writ· Petition allowed·. Transfer Petition dismissed .