Pacific Convergence Coproation Ltd. Vs. Data Access (India) Limited

Decided On : Nov-18-2005

Court : Delhi

LAW: the Companies Act, the Loan Agreement No, the Loan Agreement I, the Loan Agreement II, the Recital F to the Amendment Agreement, the Second Amendment Agreement, Section 391 of the Act, Section 391(1, Section 434, the Companies Act, the Provisional Liquidator, Section 6, Section 47(2, The Relevant Regulation 3, Section 531, Section 531, Section 531, Section 531 of the Act, Section 531, Section 531, Section 9

ORG: A.K. Sikri, Sections, circumstances:3, Installments, Draft Red Herring Prospectus, Act, Borrower, Borrower, Borrower, DRHP, DRHP, S. No. 5, PCCL, CHPL, Court, PCCW, M/s Corporate Access Limited, M/s BTN Access, BTN Access, Pacific Century Cyber Works Limited, Pacific Net Invest Limited, PCCW Group, PNI, the Board of the company, PCCW, the Board of the company, PCCW, M/s Cheran Holdings Pvt.Ltd., M/s KCP Associates Holdings, KCPH, SPA Enterprises Pvt.Ltd., M/s Odyssey Re, PCCW, the International Long Distance, ILD, ILD, Voice and Data Estimates, ILD, Pacific Net Invest, Data Access America Inc., DAA, DAA, Data Access Telecom Ltd.(DAT, ISP, ISP, Chennai, the Loan Agreements, the Supreme Court, Life Insurance Corporation of India v. Escorts Ltd., Ors, Group, Group, Cape Industries Plc, Court, the PCCW Group Companies, Court, Madhusudan Gordhandas & Co., Madhu Wollen Industries Pvt. Ltd., substance;b, P) Ltd., Ashoka Industries v. Tobu Enterprises, SCL, Co., Hofer v. Strawson, IPO, inter alia, IPO, Indian Oil Corporation Ltd., NEPC India Ltd., MTNL, BSNL, Income Tax, MTNL, NSNL, MTNL, the Department of Telecommunications, Sections 391-394, CHPL, BSNL, MTNL, Learned Counsel, BSNL, MTNL, para (k, Court, BSNL/DoT, the High Court, IDFC, BSNL, MTNL, Income Tax Department, IDFC, MTNL, BSNL, BSNL, Data Teleservices, Orient Press Ltd., the Department of Telecommunications, L&T, Finance Ltd., the Department of Telecommunications, BSNL, the High Court of Judicature, the Madras High Court, M/S SRINATH SRIDEVAN Advocate, BSNL, PCCW, the Loan Agreements, PCCW, inter alia, IPO, Laxmi Sugar Mills Ltd., National Indl., UPFC, OFU LYNX Ltd., Court, Focus Advertising Pvt, Parry & Co. Ltd., India Machinery Stores, J.T. Metal Finishers, Court, KCPH, Kochar & Co., the Supreme Court, Madhusudan Gordhandas & Co., 662 & 701/200536, IDFC, MTNL, BSNL, MTNL, SPA Enterprises Pvt.Ltd., Globecast Asia Pte Ltd., Data Access India Ltd., Pacific Convergence Corporation, P) Ltd., Ors, Canara Bank, Green Park Branch, Canara Bank, Syndicate Bank, Syndicate Bank, Non Fund Based Limits, Syndicate Bank, Non Fund, Syndicate Bank, Bank, ILD, Data Access America Inc., Cheran Holdings Private Limited.(ii, SPA Enterprises Limited.(iv), Pacific Net Invest Limited.(v), Data Access (India, Mauritius) Ltd., Enterprises Ltd., Net Invest ltd, 51.00%Employees & Associates 0.84%Cheran Holdings Pvt.Ltd., Pacific Net Invest Ltd., Mauritius) Ltd., Holdings Pvt, Associate Holdings Pvt.ltd, BSNL, Suffice, inter alia, Data Access America, BSNL, ABN AMRO Bank, Haddows, ABN AMRO Bank, M/s Data Access (India) Limited, M/s Data Access America Inc., ABN AMRO Bank, ABN AMRO Bank, the Bank on 16th November, 2004, Bank, ABN AMRO Bank, ABN AMRO bank, M/s Dua Associates, ABN AMRO Bank, ABN AMRO Bank, Notice, ABN Amro Bank, Data Access America, ABN Amro Bank Chennai, ABN Amro Bank, Amro Bank, Data Access America.51, ABN AMRO Bank, Chennai, ABN AMRO Bank, ABN AMRO Bank, Income-Tax, ABN Amro Bank, ABN Amro Bank, Chennai, M/s. Cheran Enterprises, ABN Amro Bank.(b, Account No, M/s. KCP Associates Holdings, ABN Amro Bank.(c, Account No, Sporting Pastime India Ltd., ABN Amro Bank.(d, M/s. KCP Associates Holdings, Syndicate Bank, Delhi-A/c. KCP, the Canara Bank, ABN Amro Bank, Chennai, Syndicate Bank, M/s. Cheran Enterprises - Rs, Sporting Pastime India Ltd. - Rs, KCP Associates Holding, Syndicate Bank, Syndicate Bank, Syndicate Bank, counsel.52, ABN AMRO Bank, Data Access America, Odyssey America Reinsurance Corporation, Syndicate Bank, Hamblin Watsa Investment Counsel, Data Access America, M/s Cheran Enterprises Pvt, CEPL, O.R.E. Holdings Ltd., Odyssey Re, Data Access America, Cheran, Cheran, Data Access America, Odyssey Re, Cheran, Data Access America, Cheran Holdings Pvt.Ltd., KCP Associates Holdings Pvt.Ltd., ABN AMRO Bank, Cheran Enterprises Pvt. Ltd., CEPL, CEPL, the Board of Directors, CEPL, CHPL, CEPL, CHPL, Pastime India Ltd., SPIL, SPIL, SPIL, CHPL, SPIL, SPIL, Hamblin Watsa Investment Counsel, ABN AMRO Bank, MTNL, BSNL, IDFC, Cheran Holdings Private Limited, & KCP Associates Holdings Pvt. Ltd., M/s Cheran Enterprises Pvt, Pastime India Ltd., Hamblin Watsa Investment Counsel, the Company Court, Data Access America, KCPAHL, M/s Data Access America, ABN AMRO Bank, Chennai, KCPL, ABN AMRO, Canara Bank, Bank, Bank, the Respondent Company, the Respondent Company, Canara Bank, Bank, Data Access America, the Respondent Company, Data Access America, Data Access India Ltd., Bank, the Respondent Company to Enforcement Directorate, the Revenue Authorities, Companies, ABN AMRO Bank, Chennai, Canara Bank, ABN AMRO Bank, the Inward Remittance Certificate, the Reserve Bank of India, FEMA, Foreign Exchange Management (Borrowing or Lending in Foreign Exchange, the Reserve Bank, RBI, RBI, Bank, the Respondent Company, the Respondent Company, the Respondent Company, Bank, ABN AMRO Bank, Chennai, the Respondent Company, Indian Rupees, ABN AMRO Bank, Chennai, the Respondent Company, DAA, DAA, The Respondent Company, DAA, CHPL/KCPAHL, CHPL/KCPAHL, CHPL/KCPHL, Data Access America Inc., Data Access America Inc.over Rs, CHPL, CHPL, Citi Bank A/c of, Wells Fargo A/c, CHPL, Data Access America, ABN AMRO, Chennai, ABN AMRO Bank, Data Access America Inc., ABN AMRO, Syndicate Bank, Data Access America, Data Access America, ABN AMRO Bank, New Bank of India, Barclay Bank Ltd., Quistclose Investment Ltd., P.V. Narain, Weaving Mill Ltd., Act.69, ABN AMRO Bank.(b, Data Access America Inc., Data Access America, CHPL/Odyssey, M/s Dua Associates, Data Access America, ABN, RBI, RBI, Court, ABN AMRO Bank, Cheran Holding Pvt. Ltd., Company, Bank, Data Access America, CHPL and SPIL, the ABN AMRO Bank, RBI, ABN AMRO Bank, RBI, Data Access America, ABN AMRO Bank, Consequence, ABN AMRO Account No, ABN AMRO Bank, ABN AMRO Bank, Canara Bank, the Canara Bank, 288 & 677/2005, Court, OMP No, Stracon, Stracon, OMP No, Stracon, Stracon PB, SPA, Stracon, Court, Stracon, the Prasar Bharti, Stracon, Court, Stracon, Stracon, SPA Enterprises Ltd., SPA, Stracon, OMP Nos, Stracon, TWI, Prasar Bharti, Stracon, TWI, Stracon, TWI, Stracon, TWI, Court, Court, Stracon, SPA, M/s. TWI, IMG, Stracon, SPA, Prasar Bharti, Prasar Bharti, Court, Court, Prasar Bharti, Prasar Bharti, Syndicate Bank, Canara Bank, arrangement:-A, Canara Bank, Canara Bank, TWI, TWI, TWI, Stracon, SPA, TWI, TWI, IMG, TWI, Bar, TWI, SPA, Stracon, TWI, IMG, Stracon, Prasar Bharti, Prasar Bharti, OMP, TWI, IMG, Court, OMP No, Prasar Bharti, Stracon, Stracon, Stracon, Court, Prasar Bharti, Stracon, the Prasar Bharti, Stracon, Stracon, Stracon, Prasar Bharti, M/s L& T Finance Limited, Schedule No, Agreement, Schedule No, Agreement

NORP: J.1, Indian, Agreements, crores(iv, Varghese, American, Indian, Indian

GPE: the Cayman Islands, Hong Kong, New Delhi, US, US, US, US, US, US, Hong Kong, US, Hong Kong, New York, Pacific Convergence, America, India, New York, London, Hong Kong, Los Angeles, Singapore, Cyprus, Netherlands, USA, UK, Netherlands, USA, UK, India, New Delhi, Mumbai, Del., US, US, DRHP, P.K., Stracon, US, New Delhi, India, India, USA, Stracon, India, Counsel, India, Delhi, Delhi, Delhi, US, Hamblin, US, India, Hamblin, Chennai, US, Sporting, US, US, India, India, India, US, Odyssey, US, US, US, US, US, C.A., US, US, Canara, US, US, Stracon, US, US, Stracon, US, Prasar Bharti, Stracon, Stracon

LOC: Asia, the Middle East, Madras, Madras, Pacific Convergence, Pacific Convergence

CARDINAL: two, 434, two, two, 6, 433, 434, two, 2003.7, 1, 2, four, 2004.(ii, 1.1.13).(iv, 2004.9, 28, 75, one, two, 100, 110, 1, two, 1972]2SCR201, one, 3, 78.The, 39, 923, 2, 14, 4.5, 44, 114, 207.15, 530, 18, 530, 537/2005, 700, 530, 700, 530, 90, 160, 5, 55, less than, 208/2005, 22, 30, 446.5, 196.5, 8, 4.5, 160, 18, 5, 120, 75, 15, 30, 90, 26, 530, Two, two, 209/2005, 208/2005, two, 236/2005, 50, 17, 218, 1.09, 134.36, 67, 50, 17, 218, 134.36, 75, one, 18, 18, 18, 30, one, 38, 384, 41, 174, 45, 49, 63, 644, 530, above.33, 179, 291, 304,450, 37, 179/2005, 291, 178,15,00,000/-, 92, 17, 75, 40, 110, 5, 10, 23.40%SPA, 100.00%*In, 24.00%Cheran, 24.00%KCPL, 52.00%TOTAL 100.00%47, 75, 180, 75, 20, 75, 50, 2004.The, 5, 78.45, 78.45, 922322, 18.05,00,000/-, 25,00,00,000/-, 18.03, 2004.From, 922322, 35,30,482/-, 25, 75, 35/2005, two, 75, 35/2005, 287/2005, 922322, 35, 35, 35, 55, 288/2005, 27, 25, 52, 25, 75, 2004.60, 150, 90, two, mind.61, 75, 125, 75, 60, two, 75, one, 75, 75, 75, 75, 2, 83.81, 17, 33, 75, 300, 4, 1 million, 78.45, 91, 651, 31, 261, 43, 245.68, 75, 75, 78.45, 179/2005.71, 1014374, 287, 1, 34, 13, 438/2004, ten, 17, 446.5, 315, 315, 13, 13, 151.5, 438/2004, two, 2005.77, 34/2005, 373/2005, two, 351, 351/2005, 6, 29,43,030/-, 1, 1

MONEY: 10,000,000/-, 5,00,000/-, $ 10 million, $ 10 million, $ 10 million, $ 5 million, 1,00,000, 23.4 per cent, 24 per cent, 61 per cent, 49 per cent, $ 10 million, 12.5 per cent, $ 17 million, 50 per cent, 50 per cent, 49 per cent, 1,389,255.21, 100 per cent, 17 million US $, 100 per cent, 17 million US $, 17 million US $, $ 17 million, $ 17 million, approximately 63 per cent, 90 per cent, 48 per cent, 52 per cent, 17, $ 17 million, $ 17 million, 17 Million US Dollars, 17 Million US Dollars, 17 Million US Dollars, 100 per cent, 17 Million US Dollars, $ 17 million, $ 17 million, $ 17 million, $ 17 million, $ 17 Million, $ 17 million, 21,87,500/-, 39,37,500/-, $ 3.93 millions, $ 2.18 millions, $ 6.125 millions, $ 2.187 millions

DATE: 24th May, 2000, 24th July, 2000, 24th May and 24th July, 2000, 15th January and 10th April, 2002, between June to September, 2003, between September and November, 2003, between June and November, 2003, the period ending 30th September, 2002, 23rd June, 2003, 25th February, 2004, 26th February, 2004, the year 2003, 8th September, 2004, three weeks, September, May 2004)8, 2003, three years, 30th September, 2002, 31st March, 2004, the period ending 30th September, 2004, 25th February, 26th February, August, 2004, August, 24 months, 8th September, 2004, November, 2003, 24th May, 2004, 19th January, 2004, 30th January, 2005, 27th March, 2002, July, 2002, July, 2003, July, 2002, December, 2002, 29th June, 2003, 1996, 1991, 2000, 2002, 1999, the year 2003, three years, 19th January, 2004, 19th January, 2004, 25th February, 2004, two weeks, 26th February, 2004, 5th January, 2002, 10th April, 2002, 2003, more than six months, the year 2005-2006, up to the year 2010-2011, 15th October, 2005, 1062/2005, 28th July, 2005, August, 2005, 24th March, 2005, eight weeks, the same period, 12th, January, 10.2004.Therefore, 8 weeks, the day to day, 29th September, 2004, 30th September, 2004, the year 2003, 19th January, 2004, February, 2004, 21, two years, August, 2004, 17th January, 1244/200434, October, 2004, the next date, 1458/2004, 1458/2004, October, 2004, 10th September, 2004, 23rd December, 2004, 1409/2004, 1582/2004, 35, 36, 287 288/2005, 1409/2004, 23rd November, 2004, 15th April, 2004, daily, January/February, 2004, 26th August, 2004, 7th September, 2004, 48, 1st November, 2004, 31st August, 2004, 49, 19/1, 1130826, 13th November, 2004, 17th and 18th November, 2004, 19th November, 2004, 25th November, 2004, 19/1, the next date, 3rd December, 1130826, 3rd December, 2004, 8th February, 2005, 1582/2004, 17th December, 2004, 19th August, 2004, 1103945, 1103945, 19th, August, 2004, 19th August, 2004 Rs, 94444, 28th October, 2004, 912277, 994444, 20th August, 912277, 7th January, 2005, 17th December, 2004, 1582/2004, at least 12 months, 12th August, 2004, 12th August, 2004, 12th August, 2004, 18th August, 2004, 18th August, 2004, 17th December, 2004, 19th August, 2004, 17th December, 2004, the month of June 2004, 1st July, 2004, 19th August, 2004, 17th December, 2004, 17th December, 2004, 19th July, 2004, the month of October, 2004, 17th December, 2004, 17th December, 2004, 17th December, 9th July, 2004, 23rd July, 2004, monthly, 24th July, 2004, 12th August, 2004, 18th August, 2004, 18th August, 2004, 26th August, 2004, August, 2004, October, 2004, 26th August, 2004, September, 2004, September, 2004, 16th September, 2004, 17th September, 2004, 21st September, 2004, 21/7/2004, 19th August, 2004, November, 2004, 19th August, 2004, the same day, 19th August, 2004, 2000, 18th, August, 2004, 1st July, 2004, 1st July, 2004, 12th August, 2004, 13th August, 2004, 16th August, 2004, 18th August, 2004, 18th August, 2004, 19th August, 2004, the very first day i.e. 19th August, 2004, 1st September, 2004, 2nd September, 2004, 1968, 1961, 1973, 6 months, 18th August, 2004, 26th August, 2004, 7th September, 2004, 16th , 17th, 21st September, 2004, 19th November, 2004, 19th August, 2004, 25th November, 2004, 16th September, 2004, 17th December, 2004, two weeks, 1409 & 1582/2004, 35, 36, 17th December, 2004, 8713/2004, 13th January, 2005, 3rd January, 2005, 13th January, 2005:, 1996, 27th December, 2004, 3rd January, 2005, 27th December, 2004, 8713/2004, 7th January, 2005, 3rd January, 2005, 27th December, 2004, 8th February, 21st February, 2005, 10th October, 2003, 25th February, 2005, 10th October, 2003, 1062/2005, 10th October, 2003

ORDINAL: first, 3rd, 26th, 3rd, 26th, 26th, second, 7th, first, third, third, first, first, first, 5th, first, first, first, first, 3rd, 3rd, 26th, 26th, 7th, 7th, first

WORK_OF_ART: Side Agreement, 1 All ER, Shareholders, the Share Holders

TIME: Minutes, Minutes, 70:30, the minutes

PERSON: S. Nos, Balance Sheet, Deepak Sahay, David Manion, Yuen Tin Fan, Alexander Anthony Arena, Sidhartha Ray, Sidhartha Ray, Ray, Ray, Sidhartha Ray, Ray, Bangalore, Anr, veil.11, P.Y. Parry v. Cynotech Bioproducts, Bangalore, Nathmal Bhaironbux, Kashi Ram, Canara Bank, Odyssey Re, Canara Bank, Canara Bank, DoT, Rs, Simon Crave, Ahoora Blocks Pvt, Cas 534, Sidhartha Ray, Waterhouse Coopers, Statesman, Jansatta, Siddhartha Ray, Canara Bank, Limited.(vi, Siddhartha, Ray, Siddhartha Ray, K.C.Palanisamy, Karunanidhi, Ray, Ray, Chennai, Ritu Bhalla, Counsel, Tyagi, Canara Bank, Hamblin, Odyssey, Ray, Ray, Odyssey Re, Ray, funds.56, Ray, K.C.Planiswamy, Palaniswamy, Palaniswamy, Explanationn Rs, Ray, Ray, Odyssey, Y.P.Narula, Odyssey Re, Ray, R.Karunanidhi, K.C.Palaniswamy, Chennai, Share Holder's Agreement, Siddharth Ray, K.C. Palanisami, K.C.P., Odyssey, K.C.Palaniswamy, Ray, Ashutosh Mishra, Ray, Gobinath Attahpan, Odyssey, Hamblin, Gobinath Attahpan, Ashutosh Mishra, Ashutosh Mishra, Ray, Odyssey, Pearey Lal 1962, Comp, Aaron Spinning, v. V. Chandranarayan, Canara Bank, Odyssey Re, Odyssey Re, Prasar Bharti, Ray, Ray, Prasar Bharti, lien, Ray.76, Stracon, Siddharth Ray, Siddharth Ray, Siddharth Ray, Siddharth Ray, Canara Bank, Prasar Bharti, Canara Bank, Canara Bank, Canara Bank, Canara Bank, Rs.11,61,03,750/-, Canara Bank, Desai, Sundaram, Canara Bank, Siddharth Ray, Siddharth Ray, Manmohan, Sharma, 11,76,13,800/-, lien, lien, Prasar Bharti, Ray, CA Nos

PRODUCT: 210, company.10, 929, CA No, CA, CA, Agreement, CA No, CA No, CA No, Agreement, 31/8/2004, CA No, applicant.82

EVENT: CA No, CA No, CA No, CA No, CA No, CA No, CA No, CA No, CA No

LANGUAGE: English

FAC: Haddows Road, the Explanationn of CEPL