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2014 (2) TMI 1058 - HC - Companies LawValidity of lease date - whether the Company Law Board erred in ignoring the interest of the appellant company - Held that:- Rights of the respondent will not be prejudiced in any manner if the offer made by the learned counsel for the appellant is accepted. Accordingly, the interim order of status quo dated 19.09.2006 passed by the Company Law Board is varied to the limited extent as indicated below. The appellant company is entitled to apply to the DDA for restoration of the lease as well as apply for revalidation of the sanctioned building plans and carry out construction in accordance therewith. The funds required for these specific purposes will also be brought in by the rival group claiming to be the shareholders of the company at whose behest the present appeal has been filed. It is made clear that in the event the respondents were to prevail before the Company Law Board the appellant company will not be liable to repay any amount to the said rival group or any other person from who any funds may be sourced by the rival group for the specified purposes - It is also made clear that no charge or any lien will be created on the property of the company. It is clarified that the present order would not be read or construed as creating or accepting any rights or interest in favour of the Rival Group - Decided in favour of Applicant.
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