KISHORI LAL AGARWAL Vs. ALLIANCE ENGINEERS P. LTD.

JUDGEMENT

(1.) IN this order, I am considering C.A. No. 586 of 2013, in connection with C. P. No. 450 of 2011 which already stands disposed of vide order dated August 12, 2013 (since reported in - - Kishori Lal Agarwal v: Alliance Engineers P. Ltd. (No. 1) : [2014] 184 Comp Cas 17 (CLB)). The main averments made in the application are as under:

(2.) AS against the above averments, the main contentions raised in the reply affidavit of the respondents are as under:

(3.) BASED on the averments made in the application, the direction sought for effecting the registration of the transfer of the shares in favour of the petitioners and making necessary entries in the register of members and register of share transfers, clearly amounts to review of judgment and the order already passed in this regard and the Company Law Board has no power to review its own order for want of any statutory conferment of such powers on the Board, and this view has been accepted by the Board itself in Naresh Trehan v. Hymatk Agro Equipments P. Ltd. : [1999] 98 Comp Cas 7 (CLB) and Mrs. Michelle Jazvad -Al -Fahoum v. Indo Saudi (Travels) P. Ltd. : [1998] 93 Comp Cas 151 (CLB). It has been clearly held in the order of disposal of the main petition that the petition is not maintainable on the preliminary issue of eligibility of the petition under section 399 of the Act, because the petitioners have not been able to establish indisputable and unchallengeable title to membership of the company in excess of 10 percent, of the issued share capital of the company which is a mandatory requirement as per the said section and therefore, nothing more remains to be adjudicated based on the pleadings and materials available on record. Accordingly, the application is considered to be devoid of any merit for the substantial relief prayed for and as a result, it is dismissed. However, the Bench Officer is hereby directed to return the documents placed in safe custody of the Bench in sealed envelopes as indicated in paragraph 5 of the application after necessary verification, and obtain receipt of acknowledgment for the same from the concerned parties.