THE HON’BLE SRI JUSTICE C.V.NAGARJUNA REDDY Company Appeal No.21 of 2013 Between:
Dated 26th June, 2014 Mr.Niranjanlal Agarwal and others And Durga Liquor India Private Limited and others …Appellants …Respondents Counsel for the appellants: Sri B.Chandrasen Reddy Counsel for respondent No.1: Sri P.Venugopal for Sri B.Mayur Reddy Counsel for respondent Nos.2 & 5: Sri P.Vikram Counsel for respondent Nos.3 & 4: Sri S.V.Rama Krishna The Court made the following:
JUDGMENT:
This company appeal arises out of order, dated 08.11.2013, in C.A.No.5 of 2013 in C.P.No.84 of 2012, on the file of the Company Law Board Chennai Bench, at Chennai.
I have heard the learned counsel for both the parties at length. At the hearing, it is not disputed that as per the order, dated 31.05.2013, passed by the Company Law Board on the Memorandum of Compromise, dated 22.03.2013, further applications in C.P.No.84 of 2012 could be made only in respect of two fixed deposits referred to in paras-1 and 2 of the said order and that C.A.No.5 of 2013 filed by the appellants before the Company Law Board falls outside the categories of the applications mentioned in para-8 of the said order.
Therefore, the Company Law Board ought to have merely rejected the application filed by the appellants on the ground of its non- maintainability, instead of rendering findings on the merits of the case. If the parties encounter any difficulties in working out the Memorandum of Understanding (MoU), they are entitled to avail appropriate remedies available to them in law.
Hence, this Court is of the opinion that the observations made and findings rendered in the order under appeal shall not bind either party. The appellants are left free to avail the remedies available to them in law for redressing their grievance arising out of the alleged violation of the MoU by the respondents.
Subject to the liberty given to the appellants as above, the company appeal is disposed of.
As a sequel to disposal of the company appeal, all the pending interlocutory applications shall stand disposed of as infructuous.
C.V.NAGARJUNA REDDY, J 26th June, 2014
VGB