STATE BANK OF INDIA Vs. P. NARAYANASAMY

JUDGEMENT

(1.) This is an appeal filed by the State Bank of India, challenging an order passed by the Additional Principal Bench of the Company Law Board in a proceeding under Section 397 read with Section 402 of the Companies Act, 1956, setting aside the sale of certain properties of the Company in question.

(2.) I have heard Mr.Vijay Narayan, learned Senior Counsel appearing for the appellant, Mr.T.K.Seshadri, learned Senior Counsel appearing for respondents 1 to 4, Mr.A.K.Mylsamy, learned counsel appearing for respondents 5 to 8, Ms.T.Surekha, learned counsel appearing for the 10th respondent and Mr.A.Saravanan, learned counsel appearing for the 11th respondent.

(3.) The brief facts leading to the above appeal, are as follows:-