1 IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION APPEAL NO.29 OF 2009 IN COMPANY PETITION NO.953 OF 2007 WITH COMPANY APPLICATION NO.948 OF 2007 WITH COMPANY APLICATION (L) NO.1101 OF 2007 Viraf D. Katrak and anr. ...Appellants v/s Hoganas India Ltd. ...Respondents Mr Kunal Cheema for Appellants. Mr V.R. Dhond with Mr Ashish Kamat i/b Crawford Bayley and Co. for Respondents. Ms Prachi Mhatre i/b M/s M.S. Bodhanwala and Co. for Applicants in Chamber Summons No.720 of 2009. Ms S.V. Bharucha for Regional Director. CORAM : D.K. DESHMUKH AND R.S. MOHITE JJ. DATE : 15TH JUNE 2009. 2 P.C. :- 1] By this appeal, the appellants challenge the order passed by the learned Single Judge granting sanction to the scheme of reduction of share capital. That order was made on 21st August 2008 and at the instance of the appellants, the implementation of the order was stayed upto 18th September 2008. The appellants admittedly did not file appeal before 18th September 2008. They also did not seek extention of the interim order passed by the learned Single Judge. As a result, the Company acted on the order passed by the learned Single Judge, passed necessary resolution and even the money was forwarded to the shareholders who were entitled to the amounts pursuant to the resolution and order passed by the learned Single Judge. It is an admitted position that some of the pay orders which were sent to the shareholders have not been encashed. In our opinion, it will not be possible to set the clock back by entertaining the appeal. The persons who have enc ashed the pay orders are 3 not before us. In somewhat similar situation, the Division Bench of this Court in the case of Securities and Exchange Board of India and anr. v/s Sterlite Industries (India) Ltd., reported in 2003 (Vol.113) Company Cases 285 has taken similar view. In our opinion, taking overall view of the matter, as the appellants themselves allowed the Company to act on the sanction order and as the shareholders who have encashed the pay orders are not before us, it will not be appropriate to entertain the appeal. Appeal is therefore rejected. Notice of motion No. 729 of 2009 and Chamber Summons No.720 of 2009 are disposed off. Parties to act on the copy of this order duly authenticated by the Associate / Private Secretary of this Court. Certified copy expedited. ( JUSTICE D.K. DESHMUKH ) ( JUSTICE R.S. MOHITE )