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HC restrains builder from creating third party interest in shares

Press Trust of India  |  New Delhi 

The High Court has restrained the promoter of realtor Buildwell Homes Private Limited from creating third party interest in shares held by him in the group.

The court also directed the group and its promoter Mukesh Khurana to disclose, in an affidavit, details of its assets before February 22, 2019.

Justice passed the interim order on a petition seeking enforcement of a conciliated agreement of November 28 last year, which was executed between petitioner and the realty firm and Khurana relating to payment of over Rs 9 crore.

"The judgement debtors are directed to file an affidavit disclosing their assets...," the court said in its order.

It also said, "Judgement debtor no. 2 (Khurana) is restrained from creating third party rights in the 11 per cent shares held in judgement debtor no. 1 (Buildwell Homes)."

In the agreement, it was stated that Aggarwal had 1925 equity shares, which was equal to 11 per cent equity shares, in the firm and Khurana wanted to purchase those shares.

According to Aggarwal's plea, the firm's promoter had issued six cheques worth Rs 9.67 crore to him but they were dishonoured due to insufficient funds and proceedings under the Negotiable Instruments Act are pending before a trial court here.

It said that in the agreement, the firm had guaranteed payment of over Rs 9 crore to the petitioner but when no payment was done, an execution petition was filed in the high court.

In August, a trial court had dismissed a revision petition filed by a former Indian challenging his summoning as an accused by a magisterial court for allegedly cheating investors in a building project of the same group in NCR's Indirapuram.

Though the Police has not chargesheeted him due to "lack of sufficient evidence", the magisterial court had summoned the cricketer, who was the brand of the project, after going through the probe report.

As per the group's website, it is currently working on various projects, including Palace Heights, Aquacasa and Uno.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, November 05 2018. 16:55 IST
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