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2009 (11) TMI 498 - HIGH COURT OF BOMBAYWhether the Company Law Board was fundamentally in error in circumscribing the power of the Board to implead "any person" under section 405 to only those categories of persons stipulated under section 402(e) of the Act? Held that:- This court has come to the conclusion that the interpretation that has been by the Board on the provisions of section 405 is erroneous. Having decided the question of law relating to the interpretation of the section 405, it would be, but appropriate for this Court to remit the proceedings back to the Company Law Board for a decision afresh, on the application for impleadment. The Board is a primary fact finding authority and should be left to determine the question of impleadment in the light of the interpretation that has been placed by this Court on the provisions of section 405. The proceedings are remitted back to the Company Law Board, which shall pass an order upon remand after hearing the parties. All the rights and contentions of the parties are kept open.
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