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2015 (9) TMI 508 - HC - Companies LawMismanagement or oppression - CLB has found that, the case of oppression made out by the Mehras against EG is proved and as per provisions of Section 397, 402 and 403 of the Companies Act, 1956 (the Act), buyout by Mehras of the shareholding of EG is necessary. - CLB has directed EG to sell it's share holding to Mehras, laying down certain modalities as regarding appointment of facilitator and for valuation. - Held that:- if one takes overall view of the decision, it clearly appears that the manner in which the learned member has proceeded to record conclusion and pass the operative order does not indicate that there was an application of mind and there is substance in the charge of extreme hurriedness and lack of fairness in decision making. Matter remanded back to tribunal for reconsideration.
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