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2009 (5) TMI 539 - HC - Companies LawOppression and mismanagement - Held that:- Appeal allowed and remitted to the Company Law Board to value the shares of the company by a competent expert, who may be appointed by the Company Law Board, offer the shares so assessed to respondent Nos. 2 to 5 and if they decline, to the third party-joint developer, issue notice to third party-joint developer for consideration of modification of the terms that could provide for an adjustment in the value of the shares that is offered to be purchased (that is in case if the third party-joint developer is interested in purchasing the shares) by increasing the percentage of stake that the third party developer would have in the company or increase the share of income such as to have due regard for value of shares of the appellants to be transmitted to them. With reference to 18,300 equity shares that had already stood allotted to M/s. Rajaram Maize Products in respect of which a suit is still pending before the Court of Additional District Judge, Rajnandgaon, M.P. If the decree is returned in favour of the appellants, the value of the shares shall also be offered for sale in the manner and in the order of preference mentioned above. The value of the shares shall be determined as on the date of filing of petition before the Company Law Board and the value so determined will carry interest from that date at 7.5 per cent till the date of payment. If neither respondent Nos. 2 to 5 nor the third party is willing to purchase the shares at the valuation so made, in the manner referred to above, having regard to the finding that there are just and equitable circumstances for winding up of the company, the company shall be ordered to be wound up.
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