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2015 (10) TMI 492 - SUPREME COURT

2015 (10) TMI 492 - SUPREME COURT - TMI - Valuation of Shares as per the Valuation report made under Section 433, 434 and 439 of the Companies Act - Appellant raised objections to the report to which reply was filed by the respondent - Court ordered that shares of the company be valued by an approved auditor Order of the Court modified directing the Appellant to purchase the shares of the Respondent Respondent was allowed to make publications in case of default and time for payment of dues w .....

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Appeal No. 2923 of 2006 - Dated:- 29-9-2015 - Vikramajit Sen And Shiva Kirti Singh, JJ. JUDGMENT Shiva Kirti Singh, J. 1. Appellant is a company against whom a winding up petition filed by the respondent under Sections 433, 434 and 439 of the Companies Act bearing Company Petition No. 112 of 2002 is pending in the High Court at Calcutta. The plea for winding up is based upon just and equitable grounds. In the facts of the case, after hearing the parties the Court ordered that the shares of the c .....

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shares. That order was partly modified on 29.3.2004 to provide that in case of default by the company, the respondents shall be at liberty to make publication in The Statesman and Anand Bazar Patrika . By yet another order dated 20.4.2004 learned Single Judge fixed 1.6.2004 as the time schedule by which the appellant company was required to pay the due amount. All the aforesaid three orders were challenged by the appellant through an intra-court appeal before the Division Bench bearing Civil App .....

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e first instance the cost of valuation of shares was ordered to be borne by the respondent herein. On 17.3.2004 the Court noted that the Valuation Report declared the value of the shares as ₹ 2,530/- per share and at that rate the respondent herein was agreeable to sell his three hundred shares. The company however offered to buy the shares at ₹ 500/- per share. The Court found such variation in the stand of the company without any reason and hence it directed the company to purchase .....

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