Oppression and mismanagement petition pursuant to joint application filed by rival groups

CL: Where oppression and mismanagement petition was disposed off in terms of memorandum of family settlement arrived at between parties seeking withdrawal of petition, such an order would not amount to decree executable under section 634A
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[2014] 51 taxmann.com 353 (CLB - New Delhi)
COMPANY LAW BOARD, NEW DELHI BENCH
Vilas Gupta
v.
Taurus India Ltd.
D.R. DESHMUKH, CHAIRMAN
C. P. NO. 31 (ND) OF 2007
AUGUST  20, 2014
Section 241, read with sections 242 and 465, of the Companies Act, 2013/section 397, read with sections 398, 402, 403 and 634A, of the Companies Act, 1956 - Oppression and mismanagement - CLB by an order disposed of oppression and mismanagement petition pursuant to joint application filed by rival groups seeking withdrawal of petition in terms of Memorandum of Family Settlement (MFS) arrived at between them - Whether order disposing off petition in terms of MFS did not amount to a decree executable under section 634A because a clear intention was reflected in MFS seeking unconditional withdrawal of petition and vacation of all interim orders, which also indicated intention of parties not to seek any further intervention of CLB - Held, yes [Para 12]