VIJAY KUMAR SEKHRI Vs. TINNA OVERSEAS LTD.

JUDGEMENT

(1.) These two appeals under Section 10 (F) of the Companies Act, 1956 ('Act') are directed against an order dated 16 th September 2011 passed by the Company Law Board ('CLB') in an application filed by Mr. Vijay Kumar Sekhri and seven others (hereafter the 'VKS Group') [Appellants in Co.A. (SB) No. 77 of 2011] for execution of a consent order dated 9 th June 2009 passed by the CLB in C.P. No. 17 (ND) of 2008 filed by the VKS Group against Mr. Bhupinder Kumar Sekhri and others (hereafter the 'BKS Group') [Appellant in Co.A. (SB) 81 of 2011].

(2.) The background to the present appeals is that the Tinna Group of Companies are controlled and managed by the Sekhri family. The disputes that arose between the family members, led to the filing of Company Petition No. 17 of 2008 by the VKS Group against BKS Group under Sections 397 and 398 of the Act in the CLB. By an order dated 5 th January 2009 in the said petition the CLB recorded the broad terms of the family settlement inter alia as under:

(3.) Pursuant to the above order the parties entered into a memorandum of family settlement ('MoFS') dated 27 th March 2009. It was agreed that the MoFS would come into effect from 5 th January 2009 (effective date). The assets, shares, interest and business allocated to the BKS Group from the effective date were set out in Schedule-I. Likewise, the assets, shares, interest and business allocated to the VKS Group were set out in Schedule-II to the MoFS. Inter alia, it was agreed that Tinna Overseas Limited ('TOL'), Tinna Agro Ventures Limited ('TAVL'), and Pratham Road Technologies Ltd. ('PRTL') would come to the share of the BKS Group whereas Tinna Finex Limited ('TFL'), Duraflex Services and Construction Technologies Limited ('Duraflex'), Vedanta Overseas Limited ('VOL') came to the share of VKS Group.