REIVERA BUILDERS PVT LTD Vs. VIJAY KUMAR SEKHRI

JUDGEMENT

(1.) Present appeal has been filed under Section 10F of the Companies Act, 1956, (for short 'Act') challenging the judgment and order dated 12 th January, 2012 whereby the appellant company's petition being Co. Pet. 95/ND/2010 has been dismissed by the Company Law Board (for short 'CLB') after observing as under:-

(2.) Mr. Subramonium Prasad, learned counsel for appellant submitted that in the absence of finding of oppression and mis-management, the CLB after dismissing the aforesaid petition as well as two other petitions filed by the remaining shareholders could not have proceeded to direct the appellant to purchase/buy the shares of respondents No.1 to 6. In this connection, he relied upon a judgment of the Supreme Court in Incable Net (Andhra) Limited and Others vs. AP Aksh Broadband Limited and Others, 2010 6 SCC 719 wherein it has been observed as under:-

(3.) As far as the CLB's power to direct one of the unwilling parties to enter into a contract for purchase of shares is concerned, this Court is of the opinion that the power of the CLB is of extremely wide amplitude. Section 402 of the Act is reproduced hereinbelow:-