2012 (8) TMI 293

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..... the petitioners in Company Petition No. 10/2008, which was disposed of by the Company Law Board, Additional Principal Bench, Chennai, on 11.1.2012, a company petition which was filed under Sections 397 and 398 of the Act as also under Sections 402, 403, 406 and 237 r/w Schedule XI of the Act, impleading the company, of which the petitioners were shareholders of the 1st respondent - company and the .....

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..... as done by the 2nd respondent in a fraudulent manner and therefore, had approached the Company Law Board for relief and to restore the status as the shareholders of the company and for incidental relief. 2. The Company Law Board, which examined the matter found that the 2nd respondent, while had acted in an illegal mariner and in violation of the provisions of the Companies Act had allotted to hi .....

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..... t the property owned by the petitioners has to be retained as it is; that the amount payable to the 2nd respondent on being ascertained will constitute a charge on the property, till the amount is paid and it is being aggrieved by this condition, the present appeal by the company petitioners, invoking Section 10F of the Act. 5. Appearing on behalf of the appellants submission of Sri K.S. Harish, .....

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..... ertained as payable to the 2nd respondent, is paid. 7. We do not find either there is any question of law. which is required to be framed in an appeal under Section 10F of the Act which has been decided wrongly in the order of the Company Law Board, which calls for correction or any gross injustice having occurred to the appellants to warrant interference in an appeal of this nature. 8. However, .....

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..... , the appellants will be at liberty to have their say in the matter, by pointing anomalies if any, in the report before the Company Law Board itself. 10. We do not find any need to admit this appeal only on this account and accordingly dismiss this appeal but reserving liberty to the appellants to move the Company Law Board if the occasion arises and as indicated above.
Case laws, Decisions, .....

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