Full Judgment Text
http://JUDIS.NIC.IN SUPREME COURT OF INDIA Page 1 of 2
CASE NO.:
Appeal (civil) 591 of 2008
PETITIONER:
Ram Bahadur Thakur Ltd. & Ors.
RESPONDENT:
Manish Mohan Sharma & Anr.
DATE OF JUDGMENT: 22/01/2008
BENCH:
Tarun Chatterjee & Dalveer Bhandari
JUDGMENT:
JUDGMENT
O R D E R
(Arising out of SLP (C) No. 22720 of 2007)
[WITH Civil Appeal No. 592 of 2008 arising out of S.L.P. (C)
No. 24202 of 2007)
Leave granted.
Heard learned counsel for the parties at length.
These appeals emanate from the judgment of the High
Court of Judicature at Patna dated 5.10.2007 passed in
Company Appeal No. 9 of 2007.
The relevant portion of the order of the High Court dated
5.10.2007 is as under:
\023Having heard counsel for the parties it is deemed
expedient to direct the appellant to furnish the
ownership document of the five sale Estates as also
other assets as per the Transfer Document before
the Board on or before 26th October, 2007,
whereafter the Board will retain those documents
until the amount specified in terms of clause (4) of
the Transfer Document is finalized and paid by the
party concerned after taking into account the
statutory and other deductions. It is open for the
Board to finalize the amount in terms of clause (4)
of the Transfer Document even prior to 26th
October, 2007 but while adjudicating on statutory
and other deductions the Board will give a reasoned
order specifying the sum concerning each of the
sub-clauses of clause (4) of the Transfer Document
so that there may not be any confusion in the mind
of the parties. It is made clear that if the ownership
documents are not produced before the Board on or
before 26th October, 2007 then the Board shall
proceed with the execution proceedings as they are
already proceeding.\024
It may be pertinent to mention that this Court in Civil
Appeal No. 9446 of 2003 (Manish Mohan Sharma & Ors. v.
Ram Bahadur Thakur Ltd. & Ors.) on the basis of
Memorandum of Family Arrangement passed a comprehensive
http://JUDIS.NIC.IN SUPREME COURT OF INDIA Page 2 of 2
order on 21.3.2006. The relevant portion of the order dated
21.3.2006 is as follows:
\023We note that the MOFA and Transfer
Document were the outcome of the commendable
and determined efforts on the part of the Company
Law Board to bring to an end disputes between the
parties in a manner which would have been in the
interest of the respondent no 1 given the impasse
between the two blocks of shareholders and saved
the parties a lot of unnecessary harassment,
expenditure and acrimony. We also sought to bring
an end the dispute by proposing measures which
might be acceptable to both. However, such
resolution does not appear to be possible. Therefore
it must be left to the Company Law Board to
execute its order dated 19th August, 1999 in
accordance with the settled principles of law and in
terms of the opinion expressed by us in this
judgment. The impugned decisions of the Company
Law Board and the High Court are for the reasons
earlier stated set aside. The appeals are allowed
and the matter remanded back to the Company Law
Board for completing the implementation of the
order dated 19th August, 1999 by executing the
same.\024
As the orders passed by the High Court of Patna and the
Company Law Board are in pursuance of the order passed by
this Court on 21.3.2006 in Civil Appeal No. 9446 of 2003, no
interference is called for.
The civil appeals being devoid of any merit are
accordingly dismissed. In the facts and circumstances of the
case, we direct the parties to bear their own costs.