Senior Advocate Neeraj Kishan Kaul appeared for Nakrani and argued that in a similar case filed by another co-founder Bhavik Koladiya, the Court has issued summons and asked Grover to not create any third-party rights over the shares.
Kaul said it is Grover’s stand he has paid for the shares in cash.
As Kaul pressed for an interim order, the Court noted the suit was filed nearly five years after the shares were stated to have been transferred.
Justice Datta asked Grover’s counsel, Advocate Giriraj Subramanium, if he was ready to make a statement that no third-party rights would be created over the shares.
Subramanium stated that he has instructions not to make such a statement.
The Court then said that it will consider the case for interim relief on Tuesday.
“Plaintiff has been heard at some length in the interim relief application. Counsel for the defendant says they don’t want to file a response to the application. List on Tuesday for further arguments,” the court ordered.
The Court also issued notice on Nakrani’s application seeking to file some documents in a sealed cover.
Source: Barandbench
