Shopper's Stop Limited - Securities and Exchange Board of India

entity is a part of the Southern Undivided Entities). After the execution of the sub-lease in
favour of Ivory Properties and Hotels Private Limited, on 17 th December,1999, the said K.
Raheja Hotels and Estates Private Limited created a deed of transfer of sub-lease dated
29 th December, 2002 in favour of K. Raheja Corp. Private Limited (which is another
Promoter company part of the K Raheja Corp Group (C.L. Raheja Group) to fully,
completely and effectively transfer the premises and rights therein. The said deed of
transfer of sub-lease is subject to the existing lease in favour of Ivory Properties and
Hotels Private Limited who has granted the conducting rights to the Company. These
leases and sub-leases are in force pursuant to documents executed between G.L. Raheja
group and the C.L. Raheja Group for vesting of the subject property in the C.L. Raheja
Group pursuant to the Family Arrangement executed between the said groups. The
G.L.Raheja Group raised certain contentions in relation to the said sub-lease. Whilst the
C.L.Raheja Group has always contended that the said transfer was to ensure the vesting
of the properties in favour of the C.L.Raheja Group pursuant to the family partition, the
G.L.Raheja Group raised certain questions about the modus and method of the said
transfer, such as the said deed of transfer of sub-lease was surreptiously executed, the
resolution for such transfer was not consented to by the G.L. Raheja group, the resolution
did not give unbridled power to the directors to sell the reversionary interest to the said K.
Raheja Corp. Private Limited in the said premises. The above contentions are not correct
as per the C.L. Raheja Group as the said division was in accordance with the provisions of
the Family Arrangement and the C.L. Raheja Group has also offered inspection of certain
original documents executed by G.L. Raheja in their possession in this regard which
establish this position. It may be noted that both the lease and the sub-lease are duly
registered and have necessary corporate authority of K.Raheja Hotels and Estates Private
Limited
The issues however remain unresolved to date and may have a temporary impact on the
Company’s ability to efficiently operate the Bangalore store from the abovementioned
premises. The aggregate revenue generation from the Bangalore store is Rs.4405.08
lacs
- Our Company had placed orders with Mssrs Amplas Polymers Private Limited (‘Amplas’)
for purchasing plastic bags. Amplas discounted their bills raised on our Company with
Mssrs Tradefair Corporation, Mumbai. Our Company has received a notice dated August
3, 2004 from the legal representatives of Mssrs Tradefair Corporation, Mumbai regarding
payment to them of an amount of Rs. 236,750.87 in settlement of the bills raised by
Amplas. The Company has paid the bill amount to Amplas.
M) Litigation pending under the Consumer Protection Act 1986
There are none
II Litigation by and /or against our Directors
Arbtrn
Suit No.
/ Petn.
No.
Co. Petn.
No.64 of
2002
There are no litigations against our Directors in their capacity as Directors of our
Company. However a few of our Directors have litigations pending against them. Details
of these pending litigations are set out below.
1. Mr. Chandru L. Raheja , Mr. Ravi C. Raheja and Mr. Neel.C. Raheja :
Dat
e
Oct
ober
,
200
2
Claim
ant/
Plainti
ff /
Petitio
ner
Gopal
Rahej
a
Respo
ndent
/
Defen
dants
Chand
ru
Rahej
a
(Resp-
2)
Ravi
Rahej
a
(Resp
-3 )
Neel
Name of
the Court/
Arbtrn.
Panel
Company
Law Board,
Principal
Bench, New
Delhi
235
Nature of case Amt under
Considerat
ion
Petition filed under sections
397 and 398 of Companies Act
alleging oppression and
mismanagement by Chandru
Raheja, Ravi Raheja, Neel
Raheja and the Menda Group in
respect of the affairs of Asiatic
Properties Ltd. (“APL”)
Several interim applications
have been filed by the GL
Raheja Group, CL Raheja
Amount will
be
determined
upon
accounts
being taken
Status
The Company
Petition and the
several interim
applications
taken out by the
GL Raheja
Group and the
CL Group came
up for final
hearing before
the Company
Law Board on