DEEPAK KHOSLA Vs. UNION OF INDIA & ORS

JUDGEMENT

(1.) This appeal is filed under Section 10 F of the Companies Act, 1956 seeking to quash/strike down and/or declaring null & void and void ab initio all the orders passed by the Company Law Board (herein referred to as "CLB") in Co. Pet. 114/2007 between 20.10.2008 and after 31.08.2007 as being coram non judice.

(2.) The genesis of the present appeal relates to a land in Kasauli, Dist. Solan, Himachal Pradesh. The land was owned by the appellant/family of the appellant/respondent No.3. Some of the persons being part of the Appellant Group entered into an MOU dated 21.12005 with Mr.Vikram Bakshi. The project was a joint venture between the Appellant Group and Bakshi Group. There was to be some transfer of share holding in favour of Bakshi Group. Pursuant to the MOU, Mr.Vinod Surha and Mr.Wadia Prakash, nominees of Mr.Vikram Bakshi were appointed as additional directors of respondent No. 3 Company.

(3.) Disputes arose between the parties. Mrs. Sonia Khosla wife of the appellant filed a petition under Sections 397 and 398 of the Companies Act, 1956 before the Company Law Board (CLB). The allegation of Mrs.Sonia Khosla in the petition was that she held 49% shares in the Company which have been reduced to 36% and that the affairs of the Company were being managed in a manner being oppressive to the minority shareholders.