DCM SHRIRAM INDUSTRIES LTD. Vs. HB STOCKHOLDINGS LTD.

JUDGEMENT

(1.) The present appeal has been filed by the appellant company under Section 10F of the Companies Act, 1956 challenging the order dated 10.12.2013 passed by the Company Law Board in CP No.192/2007 (hereinafter referred to as the 'impugned order'). By the impugned order, the Company Law Board has dismissed an application being CA No.12/C.No.1/2013, filed by the appellant company, inter alia, seeking dismissal of the petition filed by the respondent no.1 under Section 397 and 398 of the Companies Act, 1956 being CP No.192/2007. The Companies Act, 1956 is hereinafter referred to as the 'Act'.

(2.) The controversy that needs to be addressed in the present appeal is whether the proceedings initiated by respondent no.1 before the Company Law Board (hereinafter referred to as 'CLB') is maintainable in view of the complaint filed by respondent no.1 before the Securities and Exchange Board of India (hereinafter referred to as 'SEBI').

(3.) The relevant facts in brief are as follows:-