BAJRANG PRASAD JALAN Vs. MADHURI JALAN

JUDGEMENT

(1.) This is an application filed for execution of order dated 18th September, 1998 by Bajrang Prasad Jalan (BPJ).

(2.) The case of BPJ is that in proceedings initiated under Sections 397 and 398 of the Companies Act, 1956, an order was passed on 3rd June, 1996.

(3.) By the said decree BPJ or his nominees were given the first option to purchase the shares of the respondent no.4. Price Waterhouse Chartered Accountants was appointed valuer to determine the value of the shares and option was to be exercised within two months from the date of communication of the valuation. In default of BPJ exercising option, the respondent nos.4 and 5 were given the option to buy the shares held by BPJ. From the said decree an appeal was filed and such appeal by decree dated 18th September, 1998 was allowed in part. The option given by the Trial Court was varied and the minority shareholders, namely, BPJ Group was directed to sell its shares to the Mahabir Prasad Jalan (MPJ) Group on the same terms and conditions. As the MPJ Group has not expressed its willingness to buy the shares of the BPJ Group as directed by the modified decree, the instant execution application has been filed and orders sought.