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

Rahej
a
(Resp-
4)
236
Group in these proceedings for
reliefs pending the hearing and
final disposal of the matter.
The interim applications taken
out by the GL Raheja Group
include :
(i) application for
restraining the CL
Raheja Group from
selling the assets of
APL; and
(ii) application for
setting aside the sale of
Club Cabana and Sai
Garden flats and
shops, being properties
of APL;
(iii) application for
punishing and
prosecuting Chandru
Raheja, Ravi Raheja
and Neel Raheja on the
alleged ground that
they have committed a
breach of and violated
an order of the
Company Law Board
and that they have
committed acts of
perjury by making false
statements on oath. .
The interim applications taken
out by the CL Raheja Group
include :
(i) applications for
directions
permitting APL
to sell its assets
so as to enable
APL to repay its
dues; and
(ii) for referring all
the disputes
between the GL
Raheja Group
and CL Raheja
Group in respect
of the Southern
Entities either
before the
Company Law
Board or before
any other forum.
In so far as the interim
application for punishing and
prosecuting Chandru Raheja,
Ravi Raheja and Neel Raheja is
concerned, the Promoters
believe that no perjury or
violation of the Company Law
Board’s order has been
committed by Chandru Raheja
or Neel Raheja or Ravi Raheja.
However, before Chandru
Raheja, Neel Raheja and Ravi
Raheja could file their replies to
the said interim application, the
matter came up for hearing
before the Company Law Board
at which time the learned.
member adjourned the matter
and called upon the Senior.
Counsel representing the G.L.
July 26, 2004.
On the said date,
the learned
member
expressed his
view that the
matter deserves
to be settled.
The learned.
member
therefore
requested the
senior counsel of
the two groups
to attempt at
arriving at a
settlement.
The matter was
therefore
adjourned till
August 17, 2004
and in the
meantime,
parties were
directed to
complete the
pleadings. On
August 17, 2004,
the matter was
further adjourned
to September
14, 2004 as the
Learned Member
was informed
that the
settlement talks
have begun.