2015 (7) TMI 128

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....the commissioner, 2. It is stated that this Bench disposed of the main petition by an order dated 11.01.2012. holding that the illegal acts of the 2^nd respondent viz., illegal appointment of 3^rd and 4^th respondents. illegal allotment of 9.75,000 shares, illegal removal of the petitioners have all been set aside and the second respondent was allowed to leave the RI Company after collecting his investment, if any, and entrust the company with the petitioners along with their land at Mantankurichi Village, Karnataka ad-measuring 20.18 acres, The Hon'ble Bench also appointed Chartered Accountants to ascertain the amount invested by both sides and compute the amount due to the 2^nd respondent after deducting the liabilities/expens....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... the present application. i.e to amend the order dated 11.01.2012 of this Hon'ble Board by substituting the security that the applicants were directed to provide to the 2^nd respondent herein, namely, the land at Mantankunchi Village admeasuring 20.18 acres with a personal guarantee, is not maintainable and is liable to be dismissed in limine because this Hon'ble Board does not have the power to review its own order. Without prejudice, the application does not make out a case for review. (ii) This respondent is advised to state that the present application is also liable to be dismissed in limine because the issues raised herein are directly and substantially the same issues which were adjudicated by the order dated 15.06.2012 of the....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....t with a personal guarantee would greatly prejudice and jeopardize the interest of the respondents, It is requested the Bench to dismiss the application. 5. Heard the respective counsel for the parties. The present application is filed before this Bench praying this Bench to permit the applicants to substitute the land admeasuring 20.18 acres that stand, as security. The facts of the case are that this Bench by an order dated 11.01.2012 disposed of the company petition being CP No. 10/2008 by passing certain directions. Further this Bench appointed M/s. N.C. Rajagopal & Co. Chartered Accountants to ascertain the amounts invested by both the sides and directed the commissioner to compute the amount due to the 2^nd respondent after de....