TaxTMI 
TaxTMI 
2019 (9) TMI 76
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....nt under section 397/398/402 and 403 of The Companies Act, 1956 for alleged acts of oppression and mismanagement on the part of the respondents/appellant. 2. In the meantime, the intervener/applicant filed the present application CA 256/2014 seeking a direction to direct the respondent company to disburse the outstanding salary of the intervener for the month of November 2013 and to not withhold the salary in future. 3. By the impugned order dated 9.5.2014 the Company Law Board concluded that the applicant Shri Vikas Jain is a regular employee of the respondent company and has been rendering services over the years and is entitled to get his salaries. A direction was passed to the respondent company to release salary of the applicant ....
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....ng and working of the company as it was continuing prior to the filing of the Petition. Therefore, in the interest of the company, I hereby direct that :- (a) There shall be no change in the day-to-day working and management of both the Divisions without the leave of this Bench. (b) No employee of the Respondent Company should be suspended or terminated without the satisfaction of this Bench that such action is in the larger interest of the company; (c) Employees dealing with excise related issues prior to filing the Petition, to continue with this assignment to ensure proper compliance of excise laws." 7. Now by the impugned order the CLB concludes that Mr. Vikas Jain the applicant has been working with the co....
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....e opinion of the Tribunal be just and equitable in all the circumstances of the case; (e) the termination, setting aside or modification of any agreement between the company and any person not referred to in clause (d), provided that no such agreement shall be terminated, set aside or modified except after due notice to the party concerned and provided further that no such agreement shall be modified except after obtaining the consent of the party concerned; (f) the setting aside of any transfer, delivery of goods, payment, execution or other act relating to property made or done by or against the company within three months before the date of the application under section 397 or 398, which would, if made or done by or aga....
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.... indicate that while exercising the powers under Sections 402 or 403 of the Act the CLB has to necessarily account for the mandatory requirements of other provisions like Sections 169 or 186 of the Act. The language in fact appears to indicate to the contrary. It permits the CLB to pass orders as long as it is in the interests of the proper conduct of the affairs of the company and it is "just and equitable" to pass such order. Whether in fact the order is justified will of course depend on the facts of each case." 11. Hence, the CLB is free to pass orders as long as they are in the interest of proper conduct of the affairs of the Company. I may also note that earlier also the CLB had passed the order dated 28.02.2013 by which it had mad....