R. Varadharajan, Member - (1.) This Company Petition seems to have had a chequered history over the past decade and ultimately with a view to give effect to the final order passed by the erstwhile CLB on 11.06.2008 the following order was passed by this Tribunal on 20.01.2017: "The petitioner seeks execution of the order dated 11.06.2008 passed by the erstwhile Company Law Board. The observations of the Ld. Presiding Officer were: "The allegations of acts of oppression and mismanagement of the affairs of NHEL resulting in the depletion of its reserves remained uncontroverted. Though it was a fit case for winding up of NHEL, such as order would clearly prejudice the interests of the petitioner 1 and other shareholders."
(2.) Having come to the conclusion that the acts of the respondents were oppressive to the petitioners herein, the ld. Presiding Officer ordained exit of the petitioners subject to payment of a fair value of their shares by the Respondents. At that point of time, the petitioners held 40,940 shares being 20.47% equity in the Respondent No. 1 Company.
(3.) The only asset of the Respondent No. 1 Company is land measuring 13.811 sq. yds. at Ludhiana. Upon a fair valuation being assessed, the value of each share was quantified at Rs. 706.73 per share. This valuation however was not acceptable to the petitioners and was impugned before the Hon'ble High Court of Delhi in Co. Appeal (S.B.) No. 18/2008. The Hon'ble High Court of Delhi, in its order dated 05.03.2013, while observing that the impugned order did not spell out the consequences of non-payment, also set aside the valuation and remanded back the case to the Company Law Board for a fresh assessment of the assets of the company. Accordingly, a Local Commissioner as well as a Chartered Accountant were appointed by the CLB. Report in this respect is on record. While the site plan and the report have been prepared by the Local Commissioner, in the absence of any cooperation from the respondents, based on whatever record was made available by the petitioners, the share was valued at Rs. 1624/- by adopting a book value method for valuation for the equity share.;