AI Structured Summary
Not yet generated for this judgment
Judgment
Sr No,Name,Amount,Percentage
1.,"Ahmednagar Merchants
Cooperative
Bank","4,92,38,079/-",18.44%
2.,"Amesh Ajit Kumar
Daga","3,58,11,454/-",13.41%
3.,"Nemichand Balram
Khinvasara","5,14,92,569/-",19.29%
4.,"Dinesh Trilokchand
Sancheti","4,34,16,078/-",16.26%
5.,"Sandesh Dinesh
Sancheti","1,34,51,727/-",5.04%
6.,"Sandhya Dinesh
Sancheti","1,25,46,816/-",4.70%
7.,"Arihant Medico Proprietor
Shashikanr
Zumberlal Kataria","25,67,124/-",0.96%
8.,"Shashikanr Zumberlal
Kataria","4,48,18,456/-",16.79%
9.,"Ashish Shashikant
Katariya","28,88,014/-",1.08%
10.,"AjitKumar Shashikant
Kanyalal Daga","1,07,73,619/-",4.04%
,Total,"26,70,03,936/-",100%
Sr No,Name,Amount,Percentage
1.,"Ahmednagar Merchants Cooperative
Bank","4,92,38,079/-",18.44%
2.,"Amesh Ajit Kumar
Daga","3,58,11,454/-",13.41%
3.,"Nemichand Balram
Khinvasara","5,14,92,569/-",19.29%
4.,"Dinesh Trilokchand
Sancheti","4,34,16,078/-",16.26%
5.,"Sandesh Dinesh
Sancheti","1,34,51,727/-",5.04%
6.,"Sandhya Dinesh
Sancheti","1,25,46,816/-",4.70%
7.,"Arihant Medico Proprietor
Shashikanr
Zumberlal Kataria","25,67,124/-",0.96%
8.,"Shashikanr Zumberlal
Kataria","4,48,18,456/-",16.79%
9.,"Ashish Shashikant
Katariya","28,88,014/-",1.08%
10.,"AjitKumar Shashikant
Kanyalal Daga","1,07,73,619/-",4.04%
,Total,"26,70,03,936/-",100%
(c) a person who is a trustee of a trust in which the beneficiary of the,,,
trust includes the individual, or the terms of the trust confers a power on the trustee which may be exercised for the benefit of the individual;",,,
(d) aprivatecompanyinwhichtheindividualisadirectorandholdsalongwi thhisrelatives, more than two percent. Of its share capital;",,,
(e) a public company in which the individual is a director and holds along with relatives, more than two percent of its paid-up share capital;",,,
(f) a body corporate whose board of directors, managing director or manager, in the ordinary course of business, acts on the advice, directions or instructions of",,,
the individual;,,,
(g) alimitedliabilitypartnershiporapartnershipfirmwhosepartnersorem ployeesin the ordinary course of business, act on the advice, directions or instructions of",,,
the individual;,,,
(h) a person on whose advice, directions or instructions, the individual is accustomed to act;",,,
(i) a company, where the individual or the individual along with its related party, own more than fifty per cent. of the share capital of the company or controls the",,,
appointment of the board of directors of the company.,,,
Explanation.-For the purposes of this clause,-",,,
(a) “relativeâ€, with reference to any person, means anyone who is related to another, in the following manner, namely:-",,,
(i) Members of a Hindu Undivided Family,",,,
(ii) husband,",,,
(iii) wife,",,,
(iv) father,",,,
(v) mother,",,,
(vi) son,",,,
(vii) daughter,",,,
(viii) son’s daughter and son,",,,
(ix) daughter’s daughter and son,",,,
(x) grandson’s daughter and son,",,,
(xi) granddaughter’s daughter and son,",,,
(xii) brother,",,,
(xiii) sister,",,,
(xiv) brother’s son and daughter,",,,
(xv) sister’s son and daughter,",,,
(xvi) father’s father and mother,",,,
(xvii) mother’s father and mother,",,,
(xviii) father’s brother and sister,",,,
(xix) mother’s brother and sister; and,,,
(b) wherever the relation is that of a son, daughter, sister or brother, their spouses shall also be included;]",,,
A bare reading of the above facts and conjoint reading of Sec.5(24) and Sec.5 (24A) of the Code, it can be said that Applicants are related parties",,,
in the capacity of Directors of Corporate Debtors who exercised control over the management by representing the Corporate Debtor pre-resignation,,,
and post-resignation as Directors and were also on the Board of Fresh Valley Foods LLP, which is a related party to the Corporate Debtor. The",,,
applicants were joint signatory to the bank account maintained by the Corporate Debtor and have been actively involved in the internal management of,,,
the Corporate Debtor. They have also given personal guarantees to the loan given by the Corporate Debtor. The copy of the COC meeting further,,,
reveals that on 08.02.2020and 11.02.2020 the applicants namely Mr. Shashikant Zumbarlal Katariya, Ms. Sandhya Dinesh Sancheti, Mr. Nemichand",,,
Balaram Khinvasara and Mr. Amesh Ajitkumar Daga have attended the CoC meeting in the capacity of the Suspended Directors of the Corporate,,,
Debtor. The above key factors demonstrate that the applicants are related parties.,,,
This court doth orders as follows;,,,
a. The categorisation of the applicants being related parties is upheld.,,,
b. The I.A. No. 2243 of 2021 is dismissed.,,,
Â,,,