KAMAL KUMAR DUTTA Vs. RUBY GENERAL HOSPITAL LTD

JUDGEMENT

(1.) Leave granted.

(2.) These appeals are directed against the order dated 31.3.2005 passed by learned Company Judge, Calcutta High Court in APO No.746 of 1999 and APO No.759 of 1999 whereby learned Single Judge has disposed of the appeal and the cross-appeal arising out of the order dated 29.10.1999 passed by the Company Law Board (hereinafter to be referred to as CLB ).

(3.) Dr. Kamal Kumar Dutta was one of the first Directors of the said company and with Dr. Binod Prasad Sinha held 52.74 % of the equity shares in the said company. Apart from that Dr. Kamal Kumar Dutta contributed Rs.3 crore for the purpose of importing second-hand medical equipments and the shares towards the said investments, being the value of the equipments, should be allotted to Dr. Dutta. A loan was granted for a sum of Rs.4.6 crore by the Industrial Development Bank of India for the said project.