RANJANA SINGH Vs. JITENDRA MOHAN KHUNGAR

JUDGEMENT

(1.) CHALLENGING the order-dated 19.10.2011 - Annexure A/1 passed by the Company Law Board, Principal Bench, New Delhi in Company Appeal Nos. 534/2007 and 458/2010, which were filed under section 634-A of the Companies Act in Company Petition No.66/2004, this writ petition is filed.

(2.) FACTS that have come on record indicate that respondents 1, 2 and 3 initiated proceedings before the Company Law Board in Company Petition No.66/2004 under section 397 read with 398 of the Companies Act and certain allegations were levelled in the said company petition with regard to 'oppression' and 'mis-management' of the affairs of the Company. Company Petition No.66/2004 was allowed by the Company Law Board vide order-dated 14.3.2006/11.5.2006 - Annexure IA/5, and the following directions were issued by the Company Law Board:

(3.) THE second direction is with regard to bringing to the corpus of the company the sale consideration after finding that the same has been affected by undervaluation. As far as utilization of the escrow account is concerned, the account is directed to be brought back to the account of the company in question. Accordingly, the directions issued are independent of each other and the learned Company Law Board in its impugned order-dated 19.10.2011 has not committed any error warranting interference in the matter again now exercising powers under section 10-F of the Companies Act.