VINOD KUMAR Vs. SIGMALON EQUIPMENT P LTD

JUDGEMENT

(1.) Both these appeals are filed against the order passed by the company Law Board on 5.5.2003 in Company Petition No. 12 of 1992. Both the parties to the said company petition have preferred the present appeal.

(2.) The present appeal is filed under section 10 (f) of the Companies Act, 1956 raising two substantial questions of law as framed by the learned Single judge of this Court in Company Appeal No. 6 of 2003 and by an order dated 15.1.2004 are as under : (1) Whether the market value determined in respect of the shares held by the respondent can be said to be just and proper (2) Whether the respondent would continue to exercise rights as Director of the appellant Company until the amount towards the valuation of his shares held by the respondent is paid over to him

(3.) The aforesaid questions of law arises on the following background of facts which are briefly enumerated as under :