Swarna Shukla –
Published On: September 24, 2021 at 10:50 IST
The Bombay High Court stated that officials of Percept Group are Prima Facie attempting to mislead the Court in a Petition filed by BCCI President Sourav Ganguly seeking Rs 36 Crore payable to him according to a 2018-19 Arbitral Award.
The Court asked the Respondent Percept Talent Management and Percept D Mark (India) Limited to bear the day’s legal expenses for not ‘Disclosing Accurate Information” to the Court.
Justice AK Memom directed Tiger Sports to deposit Percept’s share certificates of over 1,86,000 shares by October 12.
The Court further directed the HDFC Bank not to allow Percept Ltd to withdraw Rs 54,51,568 from its bank account, payable to Percept D Mark (India) Limited.
The proceedings arose from an agreement in which Percept Talent Management was to act as Ganguly’s Sole and Exclusive Manager and Agent in respect of certain defined and commercial rights. However, the differences between the two parties led to Percept terminating the agreement.
Senior Counsel Birendra Saraf claimed that Directors of Precept have systematically “Siphoned” funds from the company to other companies in which they are Directors to avoid payment to the creditors.
The Court asked Percept to disclose all its assets initially. It also issued garnishee notices to Percept. This is done so that amounts payable could be deposited in Court and eventually be paid to the Petitioner.
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