2007 (11) TMI 409

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..... ORDER 1. At joint request, both these appeals arising out of common disputes have been finally heard and disposed of at admission stage by this order. 2. These appeals under section 10F of Companies Act, 1956 ("Co. Act") are directed against interlocutory orders dated 24-8-2007 and 13-9-2007 in Co. Pet. 39/2007. Section 10F of Co. Act expressly provides that an appeal would lie to the H....

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....ner is allowed to file rejoinder to the reply to the CA. Petitioner filed reply to the respondents' CA No. 202 on 17-5-2007. Respondents do not wish to file rejoinder. Heard the parties on opening of Bank A/c with Yes Bank. Operations out of this A/c are stopped till further orders. Adjourned to 13-9-2007 at 2.30 P.M. For arguments on C.P. and CAs." Further Company application No. 383/07 was al....

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....ourned till January, 2008 before the Board. 4. Appellants herein are arrayed as respondents in Company petition before the Board and assailed interlocutory orders dated 13-9-2007 and 24-8-2007 and strenuously raised two questions of law in course of arguments, ad infra : "(i)Whether the Company Law Board has jurisdiction to pass any interim order without any relief sought with regard to the ....

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....anagement of company's affairs and these interlocutory orders relate only in regard to management and for better functioning of company's affairs. The Board in the contextual facts have exercised discretion and user of discretion cannot by any stretch be terms to be so perverse in any event, so as to warrant interference or intervention by this Court as provided in terms of the statute. That apart....