1 IN IN IN THE HIGH COURT OF JUDICATURE OF BOMBAY THE HIGH COURT OF JUDICATURE OF BOMBAY THE HIGH COURT OF JUDICATURE OF BOMBAY ORDINARY ORDINARY ORDINARY ORIGINAL CIVIL JURISDICTION ORIGINAL CIVIL JURISDICTION ORIGINAL CIVIL JURISDICTION COMPANY APPLICATION NO.1442 OF 2008 WITH COMPANY APPLICATION (L) NO.1078 OF 2008 IN COMPANY APPEAL NO.14 OF 2007 IN COMPANY PETITION NO.28 OF 2005 Mr.Subhash H.Lodha. ..Applicant. V/s. Manikchand Promoters & Developers Pvt.Ltd. & Ors. ..Respondents. Mr.Vineet Naik with Mr. H.M.Thakore i/b. M/s.Thakore Jariwala & Assoc. for applicant in both the matters. Mr.Ravi Kadam, Adv.General with Mr. D. Madon, Sr.Adv. i/b. Mr. V.P.Sawant for respondent No.1 Mr.K.U.Mandlik i/b. Legasis Partners for respondent Nos. 4 and 5. CORAM: CORAM: CORAM: A.M.KHANWILKAR,J A.M.KHANWILKAR,J A.M.KHANWILKAR,J DATE DATE DATE : OCTOBER 14, 2008. : OCTOBER 14, 2008. : OCTOBER 14, 2008. P.C. P.C. P.C. : : : 1. Both these applications are disposed of by this common order. In terms of the Order dated 17th January, 2008, the parties were at liberty to appoint M/s. Price Waterhouse Cooper as valuers for valuation of the shares of the Appellant in Respondent No.1 company. Although valuer has been appointed, however, valuation process is not completed so far. It is in this background both the parties have approached by separate applications, in 2 substance requesting for extension of time to complete valuation process. 2. In the application filed by Mr. Subhash Lodha and Anr. it is stated that it is necessary to make valuation of property at Bibvewadi(Belbaug), two properties at Kirkitwadi and one at Bhosari. Insofar as property at Belbaug and two properties at Kirkitwadi, the opposite party-original Respondent No.1 has no objection to allow the valuer to continue with the valuation thereof. However, insofar as the property at Bhosari is concerned, according to the Respondent No.1, the same does not belong to the Respondent company. If the said property does not belong to the Respondent company, question of undertaking process of valuation of that property does not rise, as valuation thereof will have no bearing on the share of the appellant in Respondent No.1 company. However, the fact whether the Bhosari property belongs to company or otherwise has not been addressed either by the Company Law Board or by this Court while disposing of Company Appeal. That is a new plea taken by the Respondent company for the first time in the present application. According to the Respondent, this aspect was agitated before the Company Law Board but has not been addressed one way or the other. The fact remains that the question 3 whether Bhosari property belongs to Respondent company or otherwise is a disputed question of fact which will have to be examined by the Company Law Board in the first instance. If the Company Law Board is of the opinion that Bhosari property belongs to Respondent company, it would necessarily follow that the valuers will have to value the Bhosari property as well. For the time being, these applications are disposed of by extending time of completing valuation process up to end of December, 2008. In the mean time, it will be open to the parties to approach Company Law Board for inviting decision whether the Bhosari property belongs to Respondent company depending on which further direction will have to be given by the Company Law Board for valuation of the said property by the appointed valuers. 3. Needless to observe that if no party approaches to the Company Law Board to invite finding in that regard, the valuer would proceed to value the property at Belbaug and two properties at Kirkitwadi and submit valuation report in that behalf. 4. If such application is made, the Company Law Board shall dispose of the same expeditiously preferably within two weeks from the date of its 4 presentation-as depending on that decision direction will have to be issued to the valuer to simultaneously proceed with the valuation of Bhosari property, if required. 5. Applications disposed off on the above terms. (A.M.KHANWILKAR,J) (A.M.KHANWILKAR,J) (A.M.KHANWILKAR,J)