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2012 (7) TMI 1042 - Board - Companies LawOppression ans mismanagement - Held that:- CLB is a court of equity and considering the equities between the parties, find that the equity is in favour of the respondents. Rather it is the conduct of the petitioners as detailed above which has been prejudicial to the interests of the functioning of the company. Therefore, it would be highly unjust to grant the prayers sought by the petitioners. Such a relief if granted could be highly oppressive to the respondents. In the present case, the conduct of the petitioner shows that she has not come with clean hands, in the sense, she has acted in a manner prejudicial to the interests of the company as well as the shareholders and it is she who has acted in violation of mutual trust and confidence. When an action is taken against a wrongdoer, she cannot seek remedy in equity. Her prejudicial acts forced the shareholders to remove her as a director and as such do not find that there is any act of oppression against her or that there is any lack of probity on the part of majority shareholders. Thus, there is no scope to declare her removal as invalid on the ground that it was an act of oppression. Allow the petitioner to move out of the R-1-company on receipt of fair value of her shares (22 per cent) to which she is entitled on a valuation report to be obtained by her as on 31st March, 2012 (being near to the date of filing of the CP). The respondents are hereby required to buy her shares at the price ascertained by a reputed valuer, within four weeks of receipt of such valuation report. In case of dispute regarding the fair valuation of shares, the parties are at liberty to mention the matter and submit sealed bids to buy/sell out their shares and part ways
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