TMI Blog2008 (9) TMI 988X X X X Extracts X X X X X X X X Extracts X X X X ..... rd learned counsel for the parties. For convenience, we will refer to the parties by their rank in the first matter. Application for deleting the name of the deceased second respondent in CA No.5729/2008 is allowed as his LRs (respondents 3 to 5) are already on record. 2. These appeals relate to a dispute between the appellant (a shareholder and director who holds 40% of shares in the first res ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e. On objections by both, the Board directed fresh valuation. The valuer reiterated its earlier valuation. Thereafter, the Board by its order dated 05.05.2003, accepted the valuation and held that the second respondent group will purchase the shares held by the appellant-Vinod Kumar at ₹ 2044/- per share. As the appellant held 7,420 equity shares of ₹ 100 each the Board arrived at the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the said order dated 16.6.2005 of the High Court, both sides have filed these appeals by special leave. When the matter came up today learned counsel for the appellant submitted that there has been complete change in the circumstances after the appeals were filed as the respondents 2 to 5 Group in control of the first respondent company had virtually sold all the movable assets. He therefore submi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fact that there is a change in circumstances is not disputed by the respondents. The learned counsel for the respondents (majority group holding 60% shares) however submits that any change in circumstances is due to passage of time, natural course of events and the decisions taken by the Board of Directors in the usual course of business and the appellant can have no grievance in the matter. He h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed in part accordingly, leaving open all contentions. All pending applications stand disposed of. 7. The appellant is at liberty to raise the issue of salary and perquisites payable to the appellant from 1.10.1999, also before the Board. As the matter has been pending for a considerable time and the very pendency has led to the change of the circumstances, we request the Company Law Board to di ..... X X X X Extracts X X X X X X X X Extracts X X X X
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