9911796707
TMI Blog1978 (9) TMI 131X X X X Extracts X X X X X X X X Extracts X X X X ..... though interlocutory, is obscure, the ends of justice dominate and we may interfere if public interest so dictates. Here is an order of the Company Law Board under section 408(1) of the Companies Act, 1956, which gives a wealth of facts and a variety of reasons to support an ultimate direction which runs thus: "Since all the three conditions referred to in sub-section (1) of section 408 of the Companies Act, 1956, are established on the facts and circumstances of the case, the Company Law Board hereby appoint officers for three years, in addition to the existing directors of the company: - 1Shri B. M. Kaul, Member, Railway Board (Retd.), 5-J-4, Jawahar Nagar, Jaipur. 2Shri A. K. Mazumdar, Chief Secretary, Orissa Govt: (Retd.), 26/2, Do ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mber, 1977, except as regards Shri P.K. Choksi, Shri S. K. Mitra and Shri P. A. S. Rao, and also to direct that the said three gentlemen will not vote at the meetings of the board of directors till the disposal of the writ petition. We order accordingly." A company of considerable financial dimensions and involved in operations using public resources as investment, naturally becomes the concern not merely of the Company Law Board but also of the economic process of the country. The specialised body with responsibility to watchdog corporate process, is the Company Law Board. When it investigates and reaches a definite conclusion and makes a consequential direction, it is entitled to prima facie respect unless there are glaring circumstances ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pact upon the order impugned before us. May be, by virtue of that appointment, the entire company comes under the control of the authorised person appointed under that provision, it is not for us to explore here the effect and import of the order of the Central Government under section 18AA and we desist from doing so. All that we need do and that we can do in the present appeal is to allow it so that the Company Law Board's direction in regard to seven additional directors will come into full force until the final decision of the High Court. We allow the appeal. We may make it clear that the learned Additional Solicitor-General did assure the court that nothing which will stultify the two writ petitions before the High Court will be done ..... X X X X Extracts X X X X X X X X Extracts X X X X
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