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At this juncture, the counsel would like to point out that all the sub-issue said by this counsel are
without prejudice to that of my co-counsel and alongwith that the counsel would be presenting two
distinct issues that are issue number 2 and issue number 3 of the given moot proposition which are
whether THE CONTRACT BETWEEN RPL AND PQRIL IS AN ARMS LENGTH TRANSACTION
whether WHETHER THE TERMS AND CONDITIONS OF THE AGREEMENT WERE ONE SIDED,
AND PAYMENTS MADE UNDER THE CONTRACTS WERE UNUSUAL AND AT A PRICE / RATE
MUCH HIGHER TO THE MARKET PRICES/RATES, AND THUS WHETHER ANY LOSS IS SUFFERED
BY EFGPL
Your Lordships the counsel seeks permission to begin the arguments for issue number three.
In issue number 2, which the counsel is dealing with, is THE CONTRACT BETWEEN RPL AND PQRIL IS
AN ARMS LENGTH TRANSACTION LENGTH PRICE.
Your Lordships if you are satisfied then the counsel would like to move on to the 3th issue
which talks about THE DIRECTOR SHOULD BE MADE LIABLE FOR THE LOSSES
INCUFRRED BY EFGPL
HOLD AND DECLARE THAT THE CONTRACT FOR CIVIL CONSTRUCTION AND
THE CONTRACT FOR SUPPLY ELECTRICAL EQUIPMENTS ENTERED BETWEEN
THE PQRIL AND RPL ARE NOT RELATED PARTY TRANSACTIONS UNDER
SECTION 188 OF THE COMPANIES ACT, 2013.