TMI Blog2015 (10) TMI 492X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 was fixed - Held That:- Court found variation in the Value of shares in the stand of the company without any reason and hence it directed the company to purchase the shares as per Valuation Report - Court directed the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he company be valued by an approved auditor so that company would settle the dispute by purchasing the three hundred shares held by the respondent in the company and bring the dispute to a quietus. The Valuation Report was submitted in January 2004. The appellant raised objections to the report to which reply was filed by the respondent. The learned Single Judge on 17.3.2004 directed the appellant ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arned Single Judge dated 17.3.2004 refers to an earlier order dated 7.5.2003 which records that in course of hearing of application for winding up, the parties agreed that the shares of the company be valued so that the management could offer purchase of the shares of the petitioner (respondent herein). At the first instance the cost of valuation of shares was ordered to be borne by the respondent ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt was fixed as - on or before 1.6.2004. The Division Bench noted the aforesaid relevant facts and came to the view, and in our opinion rightly, that the case of the parties rested on the issue whether the parties had agreed on 7.5.2003 that the purchase of the shares by the present management will be made as per the valuation to be determined. The only submission advanced before the Division Benc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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