S.KUNJITHAMALA Vs. HVAC SYSTEMS PVT. LTD.

JUDGEMENT

(1.) The petitioners in C.P.No.41/2005 before the Company Law Board, Chennai, (hereinafter referred to as the 'Board') are in appeal under Sec. 10F of the Companies Act, 1956 (hereinafter referred to as the 'Act') challenging the order dtd. 1/6/2012, passed by the Board.

(2.) In terms of the impugned order dtd. 1/6/2012, passed in a petition under Ss. 397 and 398 of the Act, the Board directed the petitioners to purchase 20,000 shares held by the second respondent, in the first respondent Company at the rate of Rs.725.00 per share with interest @ 6% per annum from 31/3/2005 till the date of realization. Further, it was held in the event of the petitioners not purchasing the shares, liberty is granted to the second respondent to get the amount realized by attaching the shares held by the petitioners in the first respondent-Company.

(3.) The second respondent is also held entitled to recover Rs.50,000.00 per month as salary from the first respondent Company from 9/8/2005 till his exit from the Company.