S KUNJITHAMALA Vs. HVAC SYSTEMS PVT LTD

JUDGEMENT

(1.) THIS is an appeal under section 10F of the Companies Act, 1956 [for short the Act'] directed against the order dated 30.11.2009 passed by the Company Law Board, Additional Principal Bench, Chennai, purported to be in CA No.35 of 2009 in pending Company Petition No.41 of 2005 which is in the form of a memo filed by the company petitioners on 14.7.2009 seeking for the following prayers:

(2.) IT was also accompanied by an affidavit sworn to by the first petitioner-first appellant herein who is described as the Managing Director of the first respondent-company as submitted by Sri G. V. Rao, learned counsel appearing for the appellants.

(3.) IT is because the Board rejected the prayer of this nature for changing the auditor who was required to go into the aspects mentioned above, against whom the appellants -petitioners made themselves bold to allege professional misconduct etc., and the Board examining this application which had been joined issue by the respondents, particularly, second respondent by filing objections etc., found that the prayer was not practical one, particularly, with the auditor having been appointed as per order dated 13.01.2006 and only for the purpose of submitting a report to the Board on the question of the extent of misappropriations and ironically both company petitioners and the second respondent who are the only two shareholders of the company trading charges against one another and to ascertain the existence of any truth in such allegations and also to value the shares of the company so that the second respondent who it appears had agreed to exit if commensurate price is paid to the shares held by him on a proper valuation etc., the Board opined it was proper to dismiss the application.