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2007 (9) TMI 413 - HIGH COURT OF MADRASWhether in the facts and circumstances of the case, the Company Law Board erred in law in granting interim relief to the respondents by directing the implementation of the resolutions for removal of the existing directors, pending disposal of the main company petition ? Held that:- The findings given by the Company Law Board are based on valid materials and evidence on record. The Company Law Board has considered all the relevant materials, especially the extraordinary general meeting convened by the majority of shareholders and thereafter resolutions were passed by the majority of the shareholders. Thus do not find any error or illegality in the order of the Company Law Board so as to warrant interference. The order of the Company Law Board is in accordance with law and it is therefore confirmed. Taking into consideration the facts and circumstances of the case, especially in the interest of justice, and also the allegations and the counter allegations made by both the sides and in view of the alternative submission made by the respondents, it would be more appropriate to give direction to the Company Law Board to dispose of the main petition in C. P. No. 64 of 2006 pending before it and consider the same after giving opportunity to all the parties to raise their contention, and pass orders in accordance with law on or before 31-1-2008.
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