Sangeet Lodha, J. - (1.) This Company Appeal under Section 10F of the Companies Act, 1956 ( for short "the Act") is directed against the order dated 4.11.10 passed by the Company Law Board, New Delhi Bench, New Delhi ('CLB'), whereby Company Application (No.46/2010) preferred by the appellant herein for enforcement of the order dated 8.9.09 passed in Company Petition No.1 (ND)/2009, has been dismissed.
(2.) The relevant facts are that the Appellant filed the Company Petition against the respondents before the CLB under Section 397, 398, 402 & 403 read with Section 408 of the Act inter alia with the prayer for removal of Jaideep Singh Chandela, the respondent no.2 herein, as Director of the Company M/s. Voyager Hotels & Motels Pvt.Ltd. (hereinafter referred to as "the Respondent Company') as also for reconstitution of Board of the Directors of the Respondent Company alleging that the affairs of the Company are being mismanaged and conducted in a manner oppressive to other member.
(3.) The petition was mentioned before the CLB on 6.1.09 which was heard for interim relief on 12.1.09. An order directing the respondent to open hotel premises to be jointly managed by both the promoters i.e. Appellant and the Respondent no.2 herein was passed. Thereafter, the efforts were made for amicable settlement of the dispute between the parties. On 12.5.09, the parties agreed that the Appellant herein would exit from the Company on receiving a total consideration of Rs.3.25 crores towards the shares and loan. The Respondent prayed for time for payment by 31.3.10, which was not agreed to by the Appellant herein. On 4.6.09, the Respondent offered payment of 3.25 crores to the Appellant by January 31, 2010 which was not accepted by the Appellant. However, the Respondents were without prejudice directed to pay a sum of Rs. 50 lakhs on 20.5.09 to the Appellant. The Respondent deposited a sum of Rs.50 lakhs in the bank account of the Appellant. The Appellant having not accepted the offered payment of Rs.3.25 crores by the Respondent by January 31, 2010, recording that the compromise efforts have failed, the Appellant was directed to refund the money received by him and to issue a cheque of Rs.50 lakhs to the Respondent.;