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2017 (11) TMI 1993 - AT - Companies LawWrongful transfer of Petitioners' shares in favour of the Respondents - Sections 111, 397, 398, 402, 403 & 406 of the Companies Act, 1956 r/w Section 59 of the Companies Act, 2013 - difference of opinion - HELD THAT:- The basic principle of Justice Delivery System is that a Court or a Tribunal, while passing an order is not only required to give reasonable opportunity of being heard to the parties but is also required to give good reasons based on record/evidence. It is also required to show that the order is passed after being satisfied itself on issues raised by the parties - In Indian Judiciary, Justice Delivery System including provisions of Companies Act, 2013, the Tribunal is required to give hearing in an open Court. Once such hearing is given in the open Court, the Court or the Tribunal, while passing an order is also required to pronounce order in the open Court. Under sub-Section (3) of Section 421, the Tribunal is required to send the copy of every order passed under Section 420, which is also required to be followed in a petition filed under Section 241 of the Companies Act, 2013 and other petitions. The Principle of Natural Justice is also require that the parties should be informed of the order pronounced by the Court/Tribunal. The Tribunal is required to pronounce its order or deliver its judgment on hearing the parties in the open Court - The case is remitted to the Hon'ble President, National Company Law Tribunal, Principal Bench, New Delhi, who in his turn will direct the Registry to provide free certified copies of the difference of opinion/order passed by two Hon'ble Members comprising Hon'ble Member (Judicial) and Hon'ble Member(Technical), both dated 30th September 2016, and the terms of reference framed by one of the Hon'ble Member dated 30th September, 2016. The Hon'ble President thereafter will refer the matter to a Third Hon'ble Member, other than the Third Hon'ble Member(Judicial), to whom it was earlier referred, who after notice to the parties will fix a date of hearing and on hearing the parties, will pass appropriate order in accordance with law. Appeal allowed.
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