DAYA RAM AGARWAL Vs. ASHOK INDUSTRIES PVT LTD

JUDGEMENT

(1.) HEARD Ms. M. Hazarika, learned Senior Counsel appearing for the appellants. Also heard Dr. A.K. Saraf, learned Senior Counsel assisted by Mr. Kejriwal on behalf of the respondents who have also filed Cross Objection No. 3/2006.

(2.) THE parties challenge the judgment and order dated 16.6.2005 rendered by the Learned Company Law Board, Principal Bench, New Delhi in Company Petition No. 17/2000, filed by the appellants (petitioners), alleging suppression and mismanagement against the respondents/cross objectors.

(3.) ON behalf of the appellants it is argued by Ms. Hazarika that the respondent No. 2 by illegal transfer of shares held by the appellant No. 4 in the company (respondent No. 1), managed to alienate 2 valuable landed properties at Gandhinagar owned by the company (respondent No. 1) and without a consequential relief of restoration of the properties to the original owner, mere restoration of shares would hardly end the oppression and mismanagement indulged in by the respondent group and it is submitted that the learned Company Law Board ought to have given appropriate direction for future conduct of the company's affairs.