2015 (1) TMI 1350

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....7/2014 under Section 397 and 398 of the Companies Act, 1956 alleging the oppression and mismanagement of the affairs of the respondent No.1 Company Krishidhan Seeds Private Limited. The Company Law Board on 3.3.2014 had passed the interim order directing the respondents to maintain status quo in respect of immovable assets of the respondent No.1 Company. In a Miscellaneous Appeal at the instance of the respondents, this Court on 2.4.2014 had permitted the respondents to file an appropriate application for modification/vacating of interim order before the Company Law Board, and the Company Law Board on an application filed by the respondents, by order dated 25.4.2014 had modified the earlier order and had permitted sale of certain assets of ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....y error in rejecting these applications. 5. I have heard the learned counsel for the parties on the question of admission. 6. This being an appeal under Section 10-F of the Companies Act, the scope of this appeal is confined to the question of law. Under Section 10-F of the Companies Act, appeal from the order of the Company Law Board lies only on question of law and unless the findings of the Company Law Board are perverse, based on no evidence or otherwise arbitrary, no interference is required because Company Law Board is the final authority on the facts. [See: [2008] 142 Comp Cas 235 (SC), Dr. P.P. Mohanan and others Vs. Westfort Hi-tech Hospital Ltd. and others]. An interlocutory order passed under Section 397-398 of the Act in the p....