1 IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION COMPANY APPEAL NO. 5 OF 2009 IN COMPANY PETITION NO. 13 OF 2008 WITH COMPANY APPLICATION NO. 154 OF 2009 Jinesh F. Shah & Ors. ..Appellants versus Rajhans Metals Pvt. Ltd. & Ors. ..Respondents Mr. D.D. Madon – Sr. Counsel with Mr. Astad Randeria i/b. M/s. Mulla & Mulla & Craigie Blunt & Caroe for Appellants. Mr. R. A. Dada – Sr. Counsel i/b. Little & Co. for Respondent Nos. 1 to 7 and 9. CORAM : A. M. KHANWILKAR, J. DATED : JUNE 19, 2009. P.C. : 1. Heard counsel for the parties. 2. Since short question is involved, the Appeal is taken up for hearing forthwith by consent of parties. For the nature of Order that I propose to pass, it is unnecessary to give all the factual matrix of the case except to observe that the Company Law Board after referring to the arrangement 2 provided in terms of Memorandum of Understanding operating between the parties proceeded to observe that Memorandum of Understanding takes care of providing interest to the Petitioners and for which reason it did not think it appropriate to change the value arrived at. But at the same time made it clear that if the Respondents failed to purchase share in reasonable time that is to say by 31st March 2009 parties shall renegotiate transfer price afresh. After recording this position, the Company Law Board proceeded to dispose of the Petition. 3. As is noticed from the impugned judgment, the issues brought before the Company Law Board by the Petitioners have not been addressed on its own merits. It is a different matter that the Respondents had raised issue of maintainability of the Petition as presented. However, the Company Law Board has not non suited the Petitioners on that count, but for other reasons as adverted to earlier. The appropriate course in such a situation is to set aside the impugned judgment and order and restore the Petition No. 13//397-398/CLB/MB/2008 which will have to be decided by the Company Law Board on its own merits in accordance with law. In other words, all questions raised in the said proceedings by either party or may arise for consideration will have to be decided on its own merits in accordance with law afresh. The parties shall appear before the Company Law Board on 6th 3 July 2009 on which date the Company Law Board may issue further directions as may be warranted. The interim arrangement which operated during the pendency of proceedings before the Company law Board, as well as, before this Court shall enure in favour of the Petitioners till further appropriate orders to be passed by the Company law Board. 4. Appeal is allowed on the above terms with no order as to costs. 5. In view of the Order passed in Appeal, nothing survives for consideration in the Application, the same is disposed off. (A. M. KHANWILKAR, J.)