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 (L) NO.1313 OF 2008 IN COMPANY APPEAL NO.22 OF 2008 IN COMPANY PETITION NO.43 OF 2007 Mohan Babulal Jain & Ors. ..Applicants. V/s. Ashok K. Jain & Ors. ..Respondents. Mr.Gaurav Joshi a/w. Mr.Chirag Mody i/b. i/b. DSK Legal for applicants. Mr.Virendra Tulzapurkar, Sr.Advocate a/w. Firoze Palkhiwala i/b. Crowford Baley & Co.for Respondent. Mr.T.Subramanian i/b. M/s. Chitnis & Co. for Respondent Nos.2 to 5, 7 to 12 & 14 to 16. Mr. Arif Bookwalla with Mr.H.Toor i/b. Sunil Nair for respondent Nos. 6 to 13. CORAM: CORAM: CORAM: A.M.KHANWILKAR,J A.M.KHANWILKAR,J A.M.KHANWILKAR,J DATE DATE DATE : DECEMBER 16, 2008. : DECEMBER 16, 2008. : DECEMBER 16, 2008. P.C. P.C. P.C. : : : 1. Not on board. Upon production taken on board. 2. Heard Counsel for the parties. 3. I am in agreement with the objection taken by the Counsel for the Respondent that this application is ill-conceived. The applicants at best could have availed of the liberty to move the Company Law Board, as observed in paragraph-2 of the Order dated October 10, 2008. The Applicants, if so advised, may take recourse to that remedy which will proceed on its own 2 merits in accordance with law. 4. At this stage, Counsel for the Applicants submits that till the applicants move the Company Law Board, the applicants be protected in the mean time. It is not possible to accede to this request. It is for the Company Law Board to apply its mind whether the Applicants are entitled for reliefs, as prayed for. 5. For the time being, suffice it to observe that even if any steps are taken by the Respondents on the basis of proposed meeting in terms of the Notice dated 6th December, 2008, that will be subject to the outcome of the proposed proceedings before the Company Law Board. Company Law Board will be free to pass appropriate directions, as may be advised in that behalf. 6. Accordingly, this Application is disposed on the above terms. (A.M.KHANWILKAR,J) (A.M.KHANWILKAR,J) (A.M.KHANWILKAR,J)