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2010 (11) TMI 60 - HIGH COURT OF PUNJAB AND HARYANAAppeal under section 10F of the Companies Act, 1956 against the order dated 20-11-2007 passed by the Company Law Board, Principal Bench, New Delhi, dismissing the petition filed by the appellant under sections 397 and 398 read with sections 402 and 403 of the Act Held that:- Though the learned counsel for the parties have not argued, but the finding recorded by the Board that the Court exercising equity jurisdiction cannot ignore the well known maxim of equity that who seeks equity must do equity and who comes into equity must come with clean hands, cannot be said to tenable. The Board exercises statutory jurisdiction in terms of sections 397 and 398 of the Act. Therefore, prima facie, it cannot be said that the Board, is the Tribunal of equity jurisdiction. It exercises statutory jurisdiction. Nothing more is required to be said in respect of such finding as well at this stage. In view of the above, the order passed by the Board, whereby it was held that the petition is not maintainable, suffers from patent illegality and cannot be sustained in law. Consequently, the impugned order is set aside. The matter is remitted back to the Board for fresh decision on merits, in accordance with law.
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