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2010 (7) TMI 274 - HC - Companies LawOppression and mismanagement - Held that:- while dealing with the petition under sections 397 and 398 of the Act, the power of the Company Law Board, as contained in section 402 of the Act, is on just and equitable ground, in the opinion of the Board. One other aspect which has to be remembered in this case is that it is not as if by holding that the company petition filed by the appellants as not maintainable, the jurisdiction of the Company Law Board in dealing with such situation afresh if the appellants are able to succeed in their efforts in invalidating the transfer of shares and thereafter obtaining the right to maintain an application under sections 397 and 398 of the Act as required under section 399(1) of,the Act by way of fresh application, inasmuch as there is no ouster of jurisdiction of the Company Law Board by the impugned order passed by it, especially when it is certainly open to the appellants to avail the remedies in the manner known to law to redress the grievance in respect of transfer of shares effected, in my considered view, there is no grievance in existence for the appellants. The findings of the Company Law Board in the impugned order cannot be either treated as perverse or against the law or that the Company Law Board considered irrelevant materials so as to enable this Court to interfere with the same under section 10F of the Companies Act on the basis of any question of law. The appeals fail and the same are dismissed accordingly.
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