Equitable buy-out valuation under Article 142: Supreme Court fixed a consolidated share purchase sum after weighing competing valuations.

The SC addressed valuation of the respondents' shareholding for a court-ordered buy-out under its equitable jurisdiction. It considered competing valuation materials, including the High Court valuation report, the land-value basis urged by one side, and the respondents' proposed offer, and then exercised Article 142 powers to fix a consolidated buy-out figure. The Court directed payment of a single sum for all the respondents' shares and left the time for payment for further consideration.

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Issues: Determination of the amount payable for buy-out of the respondents' shares in the company under the Court's equitable jurisdiction.

Analysis: The Court took into account the competing valuation figures placed by the parties, including the valuation report before the High Court, the asserted land value basis, and the offer made on behalf of the respondents. Exercising power under Article 142 of the Constitution of India, the Court fixed a consolidated sum for the buy-out of the respondents' shares.

Outcome: A sum of Rs. 100 crores was directed to be paid to the respondents for the buy-out of all their shares, and the matter was listed for consideration of the time for payment.

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