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2010 (8) TMI 163 - HIGH COURT OF PUNJAB AND HARYANAWhether the proceedings taken by the Board on 12-2-2008 and 13-5-2008 amounts to a concluded contract? Held that:- the order of the learned Board holding that there was a conclusive settlement and, thus, execution by the respondent is maintainable before the Board is not sustainable in law. The order passed by the learned Tribunal on 13-5-2008 regarding willingness of the appellants to go out of the company at fair value does not amount to a concluding executable agreement. In the order dated 13-5-2008, the appellants have expressed their willingness to go out of the company for a fair value. What would be the fair value was not agreed to which is apparent from the subsequent order dated 21-5-2008 when a sum of ₹ 12 crores offered by the respondents was not accepted. Order dated 25-2-2009 passed by the Board is not sustainable in law. The Board has wrongly presumed that the proceedings before it stands settled and led to an executable order in favour of the respondents. Consequently, the application filed by the respondents under section 634A of the Act is dismissed. The matter is remitted back to the Company Law Board to decide the petition filed by the appellants under sections 397 and 398 of the Act in accordance with law.
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