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2017 (11) TMI 163 - Tri - Companies LawOppression and mismanagement - Held that:- Petitioner is claiming for his arrears of salary in this petition. That is a matter to be agitated in Civil Court. Even according to the petitioner, process house was stopped in February, 2013 and he left the company in May, 2013. Therefore, petitioner, if he is entitled he can claim arrears of the salary provided if it is within the limitation by filing a suit for recovery of amount in Civil Suit but not in this petition. There are no acts of oppression and mismanagement qua the shareholding of the petitioner. Therefore, there are no grounds to establish the allegations of oppression and mismanagement. In view of the above discussion, petitioner is not entitled for any reliefs prayed by him. However, in the interest of justice and in order to safeguard shareholding of the petitioner and his wife and considering the fact that there is no scope for the petitioner to actively participate in the activities of the company, this Tribunal is of the considered view that, petitioner and his wife can be given option to sell their shares for a fair market value fixed by an independent valuer appointed by this Tribunal. Petitioner and his wife, if they are willing to sell their shares, they shall file an application before this Tribunal within two months from the date of this order for appointment of independent valuer to assess fair market value of the shares of the first respondent company as on the date of filing of petition. In case, if the petitioner files such application, this Tribunal shall appoint independent valuer to determine the fair value of shares on the date of filing of petition and further decide the mode and manner of transfer of shares. In case if the petitioner and his wife are willing to sell their shares, respondents No. 2 and 3 shall purchase shares of the petitioner at a fair market value determined by the independent valuer appointed by this Tribunal.
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