((-1-)) MST IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION COMPANY PETITION NO.488 OF 2005 Sanjay T. Mody Petitioner versus Rangraj Investments Pvt.Ltd. Respondent WITH COMPANY APPLICATION NO.528 OF 2005 IN COMPANY APPLICATION (L) NO.761 OF 2005 IN COMPANY PETITION NO.488 OF 2005 Kamlesh T. Mody & Mrs.Leena K.Mody Petitioners versus M/s.Rangraj Investment Respondent WITH COMPANY APPLICATION (L) NO.761 OF 2005 IN COMPANY PETITION NO.488 OF 2005 Sanjay Thakorlal Mody Petitioner versus M/s.Rangraj Investment Pvt.Ltd. Respondent Vatsal Shah i/by B.B.Parekh & A.W.Ansari for petitioner. D.D.Madon, Sr.Counsel i/by Mulla & Mulla & CBC for respondent. CORAM : A.M.KHANWILKAR, J. DATE : 21st January 2008 PC : 1. The counsel for the petitioner states that ((-2-)) MST another proceedings have been instituted before the Company Law Board under section 402 of the Companies Act. In view of this development, the petitioner seeks to withdraw the present petition without prejudice to his rights and contentions available in the above said proceedings including to file fresh petition for the same relief, if and when occasion arises. 2. Counsel for the respondents 2 and 3, however, opposes the prayer for withdrawal of petition conditionally in particular with regard to the later submission referred to above. He submits that the legal position is well settled that the winding up action should be last resorted and on that basis the present petition should be dismissed without liberty to the petitioner to pursue another petition in future on the same ground. 3. It is not necessary to express any final opinion on the contention raised on behalf of the respondent for the time being. In my opinion, no prejudice will be caused to the respondent, if the petitioner’s request for withdrawal of the present petition without prejudice to the rights and contentions to pursue the proceedings before ((-3-)) MST the Company Law Board on its own merits as also to file fresh company petition for winding up if and when occasion arises is granted. In the circumstances, this petition is allowed to be withdrawn with liberty as prayed. 4. In view of withdrawal of the company petition, the company applications do not survive and shall stand dismissed as such. (A.M.KHANWILKAR, J.)