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Case No.

62/2014: M/s Jyoti Ltd

BOARD FOR INDUSTRIAL AND FINANCIAL RECONSTRUCTION


MISCELLANEOUS APPLICATION NO. 330/2015
CASE NO. 62/2014 : M/S JYOTI LTD.
SUMMARY RECORD OF PROCEEDINGS OF THE HEARING HELD
ON 15.09.2015 BEFORE THE BENCH CONSISTING OF
SHRI J.P. DUA, CHAIRMAN AND SHRI S.C.SINHA, MEMBER
BENCH
Present

Name and Designation of the


Representative S/Shri/Ms

M/s. Jyoti Ltd.


(Applicant : MA- 330/2015)

Alok Dhir, Advocate


Nilesh Sharma, Advocate

Central Bank of India (CBI)

Rakesh Sharma, Senior Manager

1.1

*****
Ba s ed on its a u d ited b a la n ce s h eet (ABS ) a s on 31.03.2014 M/s. Jyoti

Ltd. filed a r efer en ce with BIFR u / s 1 5 (1 ) of S ICA. Th e r efer en ce wa s ta k en


u p for con s id er a tion s o a s to d eter m in e th e s ta tu s of com p a n y s s ick n es s on
24.6.2015.

1.2

The company filed MA No. 330/2015 requesting Board the following :-

a)

To d ecla r e n u ll a n d void th e Pu b lic An n ou n cem en t d t.2 2 .0 6 .2 0 1 5


a n d th e Deta iled Pu b lic S t a tem en t d t. 2 9 .0 6 .2 0 1 5 is s u ed b y t h e
Res p on d en ts No.1 & 2 for th e a cqu is ition of 1 ,2 8 ,4 6 ,7 4 4 fu lly p a id u p
equ ity s h a r es

r ep r es en tin g 7 5 % of fu lly p a id u p equ ity ca p ita l a n d

votin g ca p ita l of s ick com p a n y with th e ob ject of a cqu ittin g m a jor


share holding and management control of the sick company.
b)

To d ir ect th e Res p on d en ts No.1 & 2 to r efr a in fr om a cqu ir in g t h e


equ ity s h a r es of th e a p p lica n t com p a n y p u r s u a n t to t h eir Pu b lic
An n ou n cem en t d t. 2 2 .0 6 .2 0 1 5 a n d th e Deta iled Pu b lic S ta tem en t d t .
29.06.2015 respectively.

c)

To r es tr a in th e Res p on d en ts a n d a ll p er s on s a ctin g in con cer t wit h


th em to ta k e a n y a ction with ou t th e p er m is s ion of th e Hon b le Boa r d ,
wh ich ca n effect a ch a n ge in th e con tr ol a n d m a n a gem en t of th e s ick
company.

Case No. 62/2014: M/s Jyoti Ltd

2.1

In th e h ea r in g h eld tod a y (15.09.2015) in MA N0 . 3 3 0 / 2 0 1 5 , the ld

advocate a p p ea r in g on b eh a lf of th e com p a n y s ta ted th a t th is a p p lica tion


h a s b een filed s eek in g d ir ection for d ecla r in g th e op en offer is s u ed on b eh a lf
of Mr . La vjib h a i Du n ga r b h a i Da lia a n d M/ s An ja n i Res id en cy Pvt.Ltd . for
a cqu is ition of 7 5 % of th e equ ity s h a r es of th e com p a n y with a n in ten t to
effect a ch a n ge of m a n a gem en t of th e com p a n y a s n u ll & void . He a d d ed
th a t S m t. Teja l Ra h u l Am in a n d h er h u s b a n d a r e th e Pr om oter Dir ector of
th e com p a n y, wh o p r es en tly h old 3 2 .6 6 % of th e equ ity s h a r e ca p ita l of th e
com p a n y.

Pu r s u a n t to th e s h a r eh old er s a gr eem en t th e com p a n y is s u ed

1 2 .0 0 la k h equ ity s h a r es to S m t. Min a l Bh a r a t Pa tel a n d 6 .0 0 la k h equ ity


s h a r es to M/ s Fin qu es t Fin a n cia l S olu tion s Pvt.Ltd . (b oth b ein g r ep r es en ted
b y S h r i Bh a r a t J .Pa tel), wh ich con s titu te 1 3 .8 2 % of th e equ ity s h a r e ca p ita l
of th e com p a n y. He a lleged th a t S h r i Bh a r a t J .Pa tel con tin u ed t o a cqu ir e
fu r th er equ ity s h a r es of th e com p a n y in u t ter viola tion of th e s h a r eh older
a gr eem en t. By illega l a cqu is ition m a d e b y S h r i Bh a r a t J .Pa tel a n d a ll ou t
effor ts a r e b ein g m a d e to d er a il th e op er a tion s of th e com p a n y with th e
p u r p os e to wr es t con tr ol of th e m a n a gem en t of th e com p a n y fr om th e
exis tin g p r om oter s .

It ca m e to th e k n owled ge of th e com p a n y th a t S h r i

Bh a r a t Pa tel h a d a cqu ir ed s h a r es in th e com p a n y th r ou gh op en m a r k et a s


well a s off m a r k et. S h r i Bh a r a t J .Pa t el h a s b la ta n tly viola ted d is clos u r e
n or m s of S E BI a n d th e com p a n y h a s filed com p la in ts in S E BI in th is r ega r d .
Fu r th er a p u b lic a n n ou n cem en t p er ta in in g to op en offer for a cqu is ition of
1 ,2 8 ,4 6 ,7 4 4 fu lly p a id u p equ ity s h a r es of Rs . 1 0 .0 0 ea ch r ep r es en tin g 7 5 %
of fu lly p a id u p s h a r e ca p ita l of th e com p a n y wa s m a d e on 2 2 .6 .2 0 1 5 on
b eh a lf of Mr . La vjib h a i Du n ga r b h a i Da lia a n d M/ s An ja n i Res id en cy Pvt.Ltd .
S u ch op en offer is a n op en a ct of willfu l viola tion of S ICA p r ovis ion wh er e
th er e is a m a n d a tor y r equ ir em en t of ch a n ge in m a n a gem en t on ly t h r ou gh
BIFR.

Th e op en offer is n oth in g b u t a n a t tem p t to effect a COM of th e

company. He pointed out that during the pendency of the reference in BIFR,
COM cannot take place without the permission of the Board.

Case No. 62/2014: M/s Jyoti Ltd

2.2

Havin g con s id er ed th e s u b m is s ion s m a d e d u r in g th e h ea r in g a n d

material on record, the Bench issued the following directions:(i)

The a p p lica n t (com p a n y) to s er ve cop y of th e MA No. 3 3 0 / 2 0 1 5 to a ll


th e con cer n ed p a r ties , with in a p er iod of on e week with p r oof of
service to the Board.

(ii)

All th e con cer n ed p a r ties to file th eir r ep ly to th e MA with in a fu r th er


period of two weeks with a copy to the applicant.

(iii) The a p p lica n t to file r ejoin d er , if a n y, with in a fu r th er p er iod of two


weeks.
(iv) Th e com p a n y to en s u r e s er vice of tod a y s s u m m a r y of p r oceed in gs to
a ll th e con cer n ed p a r ties es p ecia lly Mr . La vjib h a i Du n ga r b h a i Da lia
and M/s Anjani Residency Pvt.Ltd.
(v)

All th e p a r ties to m a in ta in th e s ta tu s qu o on th e op er a tion s of th e


company a n d th e con tr ollin g s ta k e a n d m a n a gem en t, till the next date
of hearing.

(vi) No Ch a n ge of Ma n a gem en t (COM) s h ou ld ta k e p la ce, d u r in g th e


pendency of the reference without the permission of the Board.
(vii) The next date of hearing is fixed on 28.01.2016.

(S.C.SINHA)
MEMBER

(J.P.DUA)
CHAIRMAN