JUDGEMENT

13.01.2023 MINI PUSHKARNA, J.

1. The present suit for declaration has been filed on behalf of the plaintiffs on the premise that the holding of defendant No. 1 in the defendant No. 2 company has been diluted to 20.54% and subsequently to 15.88% in violation of the order dated 23.08.2013 passed by this Court in Arbitration Petition 362/2013 (renumbered as Arb. Appeal No. 14/2015). Furthermore, defendant No. 2 allotted shares in favour of defendant Nos. 7 and 8, resulting in further dilution of holding of defendant Nos.1 and 4 in the defendant No. 2 company. The defendant No. 3 has acquired the shareholding in defendant No. 2 acting through its subsidiaries i.e. defendant Nos. 7 and 8, which is stated to be in breach of order dated 23.08.2013 passed by this Court.

2. It is the case of the plaintiff that defendant No. 1 and M/s BPL Display Devices Ltd. availed certain bill discounting facilities from the plaintiff by and under „Bill Discounting Agreements/ Sanction Letters‟ (in short „Agreements‟) dated 27.12.2002 and 11.06.2003. In all, sum of Rs.13,23,23,523/- was disbursed to the defendant No. 1 by the plaintiff.

3. It is submitted on behalf of the