JAYANTKUMAR VRAJLAL SHAH & SHIKSHA DEVIDAS V. MIDCO HOLDINGS LIMITED & SUMMIT TEXTILES (E.A) LIMITED

RULING

This application brought under rules 4 and 44 amongst other rules, of the Rules of this Court seeks two main substantive orders namely, that the two applicants Jayantkumar Vrajlal Shah and Mrs. Shiksha Devidas be granted leave to file and serve a Notice of appeal and record of appeal out of time. The decision against which the applicants wish to appeal against was given by Hewett, J. (as he then was) on 3rd April, 2001. It was a consolidated Judgment in respect of H.C Winding-up Causes Nos. 51 and 52 of 1998.

According to his ruling, the learned Judge had been asked by the parties in the proceedings before him to make a determination as to what date an arbitrator should be asked to assess the value of the shares in the companies (Respondents) for the purpose of the majority buying out the minority shareholders. Mr. Hira, counsel for the applicants, contended that the effective date should be 31st December, 1997 when the alleged agreement for sale of the shares was reached, while …