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Issues involved:
The judgment involves the interpretation of jurisdiction of the High Court as a Special Court under the Companies Act, specifically in relation to an application made under section 84(4) of the Companies Act, 1956. Interpretation of Jurisdiction: The High Court clarified that the jurisdiction of the Company Court must be specifically provided for in the Companies Act, and it cannot be assumed to have jurisdiction over all matters relating to a company. The Court emphasized that the power conferred on the High Court is not unlimited and must be found explicitly in the provisions of the Act. The judgment aligned with previous decisions from Calcutta, Gujarat, and Kerala High Courts, emphasizing the need for specific provisions conferring jurisdiction. Precedent and Legal Interpretation: The Court referred to various legal precedents to support its interpretation of jurisdiction, including cases from Rajasthan High Court and the Supreme Court. The judgment highlighted that the Company Court cannot adjudicate on all issues under the Companies Act unless there is a specific provision granting such authority. Application under Section 84(4): The Court concluded that the Company Court did not have jurisdiction to entertain the application under section 84(4) of the Companies Act, as there was no specific provision conferring such jurisdiction. Therefore, the appeal was dismissed, and the original application was deemed not maintainable before the Company Judge. Impact of Decision: The Court clarified that the findings made by the Company Judge regarding the loss or destruction of equity shares in the original application would not have any relevance in future proceedings, considering the dismissal of the appeal based on jurisdictional grounds.
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