1978 (9) TMI 131

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....ncalculable and the basis of the direction, though interlocutory, is obscure, the ends of justice dominate and we may interfere if public interest so dictates. Here is an order of the Company Law Board under section 408(1) of the Companies Act, 1956, which gives a wealth of facts and a variety of reasons to support an ultimate direction which runs thus: "Since all the three conditions referred to in sub-section (1) of section 408 of the Companies Act, 1956, are established on the facts and circumstances of the case, the Company Law Board hereby appoint officers for three years, in addition to the existing directors of the company: - 1Shri B. M. Kaul, Member, Railway Board (Retd.), 5-J-4, Jawahar Nagar, Jaipur. 2Shri A. K. Mazumd....

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.... the operation of the order of the Company Law Board, dated 17th December, 1977, except as regards Shri P.K. Choksi, Shri S. K. Mitra and Shri P. A. S. Rao, and also to direct that the said three gentlemen will not vote at the meetings of the board of directors till the disposal of the writ petition. We order accordingly." A company of considerable financial dimensions and involved in operations using public resources as investment, naturally becomes the concern not merely of the Company Law Board but also of the economic process of the country. The specialised body with responsibility to watchdog corporate process, is the Company Law Board. When it investigates and reaches a definite conclusion and makes a consequential direction, it is....