- (1.) LOOKING to the fact that CAPP No.39 of 2013 being an appeal under S.10 (f) of the Companies Act, 1956 against the order of the Company Law Board ('CLB') is pending in this Court and that no interim order has been passed therein, the directions of the CLB contained in para.73 of the order dated December 9, 2013 in appeal continue to operate. Against the denial of an interim injunction by this Court on December 23, 2013 the challenge before the Supreme Court has failed on January 13, 2014. The request of the respondent in that appeal for advancing the date of hearing was declined by the Company Court on January 24, 2014 against which an SLP was carried once again which stands dismissed on March 28, 2014 in Interlocutory Application No.3 in SLP (C) No.674 of 2014 resulting in a situation where the 'Malhotras' remain bound under inter alia the direction of the CLB to "provide honourable exit to Syals from the company" in terms of the order found relevant at page 79 of the present paper book.
(2.) IN his submission Mr. Gurminder Singh, learned senior counsel points out to direction 7 of the CLB which mandates: - "7. That Syals shall hand over physical possession of the asset of the company and all kinds of management of the company if any still remained with Syals to Malhotras within seven days hereof in the presence of Administrator -cum -facilitator."
(3.) IN the Execution Application filed before the CLB, a request was made for execution of the order and the directions contained in para.73 thereof. The order of the CLB is treated as a decree and therefore CLB has been pleased to transfer the execution proceedings to the Court of the learned District Judge, Jalandhar, Punjab to execute the order upon transfer of the decree. The learned District Judge, Jalandhar is in seisen of the execution proceedings. Mr. Gurminder Singh contends that the execution proceedings are now pending in the Court of Additional District Judge, Jalandhar. The matter was fixed on April 26, 2014 and the execution proceedings have been adjourned to May 24, 2014 and every day's delay operates oppressively on the company with incalculable financial loss. The hotel project is already much delayed due to litigation. The parties are before the court at Jalandhar. This Court is apprised that the 'Syals' JDs have filed objections to the petition which are pending.;