SANJIV MOHAN GUPTA Vs. JAGRAN PUBLICATIONS P. LTD.

JUDGEMENT

(1.) THIS is an appeal under Section 10F of the Companies Act, 1956, by which two orders passed by the Company Law Board, Principal Bench, New Delhi dated February 16, 2009, annexure MA/10 and dated February 23, 2009, annexure MA/13 are challenged by the appellants.

(2.) IT would be appropriate if the three orders, which are relevant, are referred for convenience.

(3.) ORDER dated February 16, 2009, annexure MA/10 reads as under: Application C.A. No. 72 of 2009 mentioned. Considering the fact that my order dated February 10, 2009, was passed for the limited purpose of passing resolution relating to bank operations, the board could not have transacted any other counters. However, from the instant application and the minutes produced by counsel for the petitioner that various far reaching decisions were taken in the board meeting, held on February 14, 2009. Therefore, I direct the company not to act on any of the decisions taken in the meeting till further orders. None of the said decision will be binding on any of the parties also till further orders. I record the statement of counsel for the managing director that bank operations have been regularised.