Co. Appeal No. 3 of 2009: 10.5.2010 Present: Mr. M/s D.Bhattacharyya and Vijay Arora for the Valuer Deloitte. M/s Chander Paul Sood, Sarkar Bhushan and Debinder Ghosh, Counsel for the Jain Group. M/s P.K.Jain and Mrs. Archana Jain counsel for Goyal Group. Company Application No. 3 of 2010: While disposing of the Company Appeal No. 3 of 2009 we had passed the following order on 25th November, 2009:- “We are of the considered view that M/s.Deloitte cannot be permitted to linger on with the matter any longer. We, therefore, direct M/s.Deloitte to ensure that the report is submitted within the time granted by the CLB, i.e., latest by 31.12.2009. We hereby direct both the parties to ensure that whatever material they want to rely upon should be produced before Ms.Kalpana Jain, Senior Director of M/s.Deloitte latest by 15.12.2009 alongwith a copy of this order. If M/s.Deloitte want any further documents, it can ask the parties to submit the same within a further period of ten days but this report must be submitted by it on or before 31.12.2009 failing which M/s.Deloitte should move this Court for extension of time.” This application has been filed by M/s Deloitte Touche Tohmatsu India Private Limited praying that the time to submit the report be extended by 8 weeks from the date of submission of reliable and agreed set of documents by the parties and they have also prayed that directions be issued to both the parties i.e. Goyal and Jain Group to provide reliable and agreed set of documents at the earliest. To say the least, this application is totally misconceived. If the parties could have agreed on a set of documents, there was no question of referring the matter to M/s Deloitte to Co. Appeal No. 3 of 2009: determine the value of the shares. The whole dispute has arisen because the parties are at variance as to which documents should be the basis of evaluation of shares. This obviously means that when the parties agreed that M/s Deloitte shall determine the value of the shares, Deloitte shall also have the right to determine which documents are correct and which documents are not to be relied upon. The valuers will obviously follow one of the know systems of determining the value of shares and shall also keep into consideration the orders passed by the Court from time to time. Thereafter, it is within the domain of the Valuers to decide which document it wants to rely upon. Since the parties have agreed to appoint M/s Deloitte as Valuers, it is implicit that the parties have referred their disputes qua the valuation of shares for determination by M/s Deloitte who obviously after following proper system of valuation shall determine the same. Mr. D.Bhattacharyya, learned counsel for M/s Deloitte, submits that the auditors of the company i.e. M/s P.K.Vasudeva & Company (Chartered Accountant) may be directed to co- operate in the determination of this valuation. This request is genuine and we, therefore, issue a direction that in case M/s Deloitte ask for any documents from M/s P.K.Vasudeva & Company the same shall be delivered by the said Chartered Accountant to M/s Deloitte within one week thereof. In case, any queries are raised the same shall be replied by M/s P.K.Vasudeva & Company within one week. Since time is being Co. Appeal No. 3 of 2009: given to the Jain Group to furnish documents through M/s P.K.Vasudeva & Company, the Goel group if it wants to file any other documents may do so within one week from today. M/s Deloitte is directed to ensure that the valuation is completed on or before 26th July, 2010 and filed before the Company Law Board by 30th July, 2010. M/s Deloitte is directed to file this report in terms of the orders passed by the Company Law Board on 5.3.2009 & 16.9.2009 read in conjunction with the order of this Court dated 25th November, 2009. Since we have directed M/s Deloitte to determine the matter on or before 26th July, 2010, and file its report with the Company Law Board by 30th July, 2010, the Company Law Board shall not pass any further orders relating to the determination of the valuation of the shares till the next date. In view of the order passed in this application, no further orders are required to be passed in the remaining applications. All the applications are disposed of accordingly. ( Deepak Gupta ) Judge. 10th May, 2010 ( V.K.Ahuja ) ™ Judge.