BHUPINDER KUMAR SEKHRI 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 12th January, 2012 whereby the appellant company's petition being Co. Pet. 94/ND/2010 has been dismissed by the Company Law Board (for short 'CLB') after observing as under:-

(2.) AT the outset, Mr. Abhinav Vashisht, learned senior counsel for appellant submitted that he did not wish to challenge the impugned order to the extent it dismissed the appellant company's petition, but he pressed the present appeal only on the ground that in the absence of finding of oppression and mis-management, the CLB could not have proceeded to direct the appellant to purchase/buy the shareholding 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.) IN M.S.D.C. Radharamanan vs. M.S.D. Chandrasekara Raja and Another (2008) 6 SCC 750 the Apex Court specifically rejected the submission that the CLB was not justified in issuing a direction to the petitioner to purchase the shares of the respondent under Section 402 of the Act, despite arriving at a finding of fact that no act of oppression had been committed by him. The relevant portion of the said judgment is reproduced hereinbelow:-