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The High Court of Punjab and Haryana heard Company Petition No. 100 of 1988 under sections 397 and 398 of the Companies Act. An order was passed to restrain the transfer of company assets until further notice. A subsequent application was filed for vacation of the order, stating the company's improved financial situation and investment in new buses. The court directed the sale of buses through private negotiations overseen by a Local Commissioner, ensuring fair prices and shareholder rights. Shri B. K. Gupta was appointed as the Local Commissioner with a fee of Rs. 5,000.
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