In a significant legal development, the Madras High Court has granted relief to Mr. SK Peter, the Managing Director of Ocean Life Spaces India Pvt Ltd, by quashing the FIR (First Information Report) filed against him. The Hon’ble High Court of Madras quashed the FIR No. 201/2023 registered by the Central Crime Branch, Greater Chennai Police against Mr. Sylvanus King Peter, Managing Director of M/s Ocean Lifespaces India Private Limited and 2 other Directors. FIR was registered on a complaint given by Mr. Balasubramaniam Sriram on the allegation that his shareholding in M/s Ocean Lifespaces India Private Limited was diluted.
The Company was incorporated in the year 2004 with Mr. Sylvanus King Peter and Mr. Balasubramaniam Sriram as Directors and shareholders of the company. In 2008, further paid-up share capital was allotted and thereafter Mr. Sylvanus King Peter held 80% and Mr. Balasubramaniam Sriram held 10% shares of the company.
Dispute arose between Mr. Sylvanus King Peter and Mr. Balasubramaniam Sriram in the year 2020 and Mr. Balasubramaniam Sriram had approached Hon’ble National Company Law Tribunal, Chennai complaining oppression and mismanagement by the Directors who were also shareholders of the Company. While the case was pending before the Hon’ble National Company Law Tribunal, Mr. Balasubramaniam Sriram lodged a complaint with Central Crime Branch, Greater Chennai Police alleging dilution of shares in a fraudulent manner from 50% to 10% by Directors of the Company, Mr. Sylvanus King Peter, and Mrs. Anitha Peter.
Mr. SK Peter, CEO & MD, & a respected figure in the corporate sector, expressed his gratitude for the court’s decision, stating, “Throughout this ordeal, I have maintained my faith in the system. I would like to thank all our internal and external stakeholders who stood by us in these unforeseen times for their unwavering support and trust.”
The Hon’ble Mr. Justice Anand Venkatesh quashed the FIR taking note of the Affidavit of Mr. Balasubramaniam Sriram filed in the Hon’ble High Court of Madras that the disputes relating to allotment of equity shares in M/s Ocean Lifespaces India Private Limited are fully settled and he has transferred 10% share held by him to the Company. He further undertook to indemnify the Company and its Directors against all losses, claims or demands in the event of him making any claim against the Company and/or its Directors.
Ocean Life Spaces India Pvt Ltd, a leading player in the construction & infrastructure industry, reaffirms its commitment to integrity and transparency in all its business operations.
