Terms and condition of memorandum of settlement is to be bound on all the party under section 391 and 394 of Companies Act

IN THE HIGH COURT OF HIMACHAL PRADESH, SHIMLA.

Coy. Appeal No. 2/2010 along with Coy. Appeals No.

3, 4, 5, 6 and 7 of 2010

Nuline Industries Private Limited and others ...Petitioners

Versus

S.S. Gupta and another ... Respondents.

Coram

The Hon’ble Mr. Justice Kurian Joseph, Chief Justice.

The Hon’ble Mr. Justice Rajiv Sharma, Judge.

Whether approved for reporting? no

For the Petitioners: Mr. B.C. Negi, Advocate in all the appeals.

For the Respondents: Mr. S.S. Gupta with Ms. Jyotsna Rewal Dua,

Advocate in all the appeals.

Per Justice Rajiv Sharma

In sequel to orders passed by this Court with the earnest efforts of Mediators, namely, Mr. J.S. Bhogal, Senior Advocate and Mr. Pawan Thakur, Advocate, the matter has been amicably settled between the parties. The parties have jointly placed on record memorandum of settlement and have also placed on record Schedule for implementation of memorandum of settlement dated 21.12.2010, as per clause

Whether the reporters of the local papers may be allowed to see the Judgment? No

No. 25 whereof. The parties are directed to act upon the same. Any violation of this settlement shall be construed as Contempt of the Court.

2. Since the parties have settled the matter amicably, Nuline Industries Private Limited and Swati Storwel Private Limited shall merge into Sturdy Pipes Limited, in terms of scheme of amalgamation presented before the learned Company Judge, under sections 391 and 394 of the Companies Act, 1956.

3. It is made clear by way of abundant precaution that the terms and conditions of the memorandum of settlement will also bind GAIL. The remuneration of Mr. J.S. Bhogal, Senior Advocate and Mr. Pawan Thakur is fixed at Rs. one lakh (Rs. 50,000/- each), to be paid equally by the parties, within a period of one week from today, by obtaining proper receipt.

4. In view of the above observations and discussions, all the Company Appeals are disposed of. Pending application(s), if any, also stand disposed of. No costs.

(Justice Kurian Joseph),

Chief Justice.

(Justice Rajiv Sharma)

Judge.