K. RAVINDER REDDY Vs. ALLIANCE BUSINESS SCHOOL

JUDGEMENT

(1.) The present appeal is directed against the order dated 13-01-2016 passed by the Company Law Board (hereinafter referred to as 'CLB ' for short) whereby, CLB has observed that the petition is maintainable and thereafter has directed the petitioner to approach the competent Civil Court as regards the controversial issue, then the petitioner may approach the CLB to decide the main Company Petition. CLB has further disposed of Company Application No. 1/2015, whereby the prayer of the appellant to forward the papers to the forensic expert and other relief are not granted.

(2.) In order to appreciate the controversy, we may refer to the facts in a nutshell.

(3.) As per the appellant, on 29-01-2015, share purchase agreement under the Memorandum of Understanding was entered into between the appellant and the respondents No. 2 and 3 for purchase of 2,25,000 shares, on 29-01 -2015. As per the appellant, total consideration was Rs. 67,50,000.00, out of which Rs. 47,50,000.00 was paid by cash and the balance of Rs. 20,00,000.00 was to be paid through post dated cheques dated 25-03-2015, for which receipts are issued by respondents No. 2 and 3. As per the appellant, the application was made to the respondent No. 1 - Company for transfer of the aforesaid shares in favour of the appellant.