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2011 (4) TMI 1209 - HC - Companies LawCLB – Operation and mismanagement - Appellant purchased the property from Thiru G. George director of company - property purchased by the appellant was registered in the name of Thiru G. George - Respondents claimed that the schedule property belonged to M/s. Unicentre Agencies and Engineering P. Ltd., the fifth respondent, though it was registered in the name of the sixth respondent (director of company) - appellant received a notice from the Company Law Board ordering the appellant to deal with the property only with liberty obtained from the Company Law Board - CLB set aside the sale of properties – Held that:- Sale of land owned by Thiru G. George has no connection with the business of the company - respondent, being the registered owner, has sold the property to the appellant in his individual capacity, and not as director of the company - Land in dispute stood in the name of individual and not in the name of company - company appeal is allowed - order passed by the Company Law Board is set aside
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