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2008 (3) TMI 485 - HC - Companies LawOppression and mismanagement - ask of selling the landed properties of the first respondent-company - Held that:- It is wholly inappropriate for this court to take upon itself the task of selling the landed properties of the first respondent-company, and in distributing the sale proceeds, as this court, in proceedings under section 10F of the Companies Act, 1956, can neither substitute itself for that of the Company Law Board nor can it exercise the powers conferred on the Company Law Board under section 402 of the Companies Act. The interlocutory orders passed by this court during the pendency of the appeal, including those appointing Advocates Commissioner for the sale of the landed property of the first respondent-company, inviting bids by prescribing the earnest money deposit, receiving the bid amounts etc., would not survive disposal of the appeal. Since bids have been received by the Advocates Commissioner from several persons, and the money received has been deposited in the High Court Registry, pursuant to the interim orders passed during the pendency of this appeal it is but appropriate that the amount received either from the highest bidders, or from the unsuccessful bidders, be returned to them. The High Court Registry shall, or such persons being identified by their respective counsel, return the money received from them by way of an account payee cheque drawn in their favour.
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