9911796707
TMI Blog1971 (9) TMI 113X X X X Extracts X X X X X X X X Extracts X X X X ..... ed the relief of winding up of the company but had made an order granting to the petitioner relief under sections 397, 398 and 402 of the Companies Act, 1956. Against this order the respondents in the company petition went up in appeal and the said appeals have been admitted. For the purposes of the relief that I had granted to Smt. Abnash Kaur I had constituted an interim board of management. The constitution of this board was somewhat changed by the Appellate Bench but, by and large, the Appellate Bench continued the order passed by me that till the valuation of the shares is fixed by this court, the management of the company will be in the hands of the board constituted by the court and not in the hands of the board of directors to be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e of this application was given to Smt. Abnash Kaur who has strongly opposed the application. Apart from the objection on merit that the directors of the company have been misappropriating huge amounts of the company the objection is that this court has no jurisdiction to pass any order as prayed. I may first dispose of the objection about the alleged misappropriation of money by the directors. Whatever may have been the situation obtaining prior to my order dated 27th May, 1971, to-day the company is functioning under a board of directors constituted by this court and can take no action unless it has approval and consent of the court's nominee, Shri A. N. Kripal. In this view of the matter the finances of the company are in safe hands an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... when some aspects of the relief granted in C.O. 58-D of 1960 are still to come up before this court for final decision. In any case Mr. Ved Vyas urged that since the appellate Bench has chosen not to give any directions on a similar application as the present one moved to-day this court alone would have jurisdiction to give directions. As Mr. R. M. Lal urged that it should be clarified by the petitioner-company whether its contention was that C.O. 58-D of 1960 stood finally decided or not, Mr. Ved Vyas only restricted his submissions to urge that since the appellate court has not entertained a similar application and has directed that it should be decided by the company court, this court has jurisdiction to decide the matter and give necess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sion inter-partes and would, in any case, bind the parties to the present application and so I hold that the application is not maintainable either under rule 9 or under section 151, Civil Procedure Code. This brings me to the question as to whether the application is maintainable under any other provision of the Companies Act. Section 402 under which relief has been given by me in deciding C.O. 58-D of 1960, inter alia , provides that the court may by its order while giving relief under sections 397 and 398 provide for regulation of the conduct of the company's affairs in future. The interim board that has been appointed by this court or by the appellate Bench of this court is to function only till such time as provided in my judgment d ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
