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K.K. Balu, Vice Chairman

1. This application is filed by M/s Gujarat Industrial Investment Corporation Limited ('the applicant") under Section 634A of the Companies Act. 1956 for enforcement of the order dated 23.08.2004 of the Bench, wherein M/s Sterling Holiday Resorts (India) Limited ("the Company"') has been directed to register the transfer of 22.93.000 shares in the name of the applicant within thirty days of receipt of the Order. However, the Company failed to comply with the order dated 23.08.2004. Hence, the applicant has come out with the present application for enforcement of the subject order.

Shri K.P. Balmurali, learned Counsel opposed the prayer for adjournment on the premise that the Company is adopting delay tactics to defeat the order of the Bench, which would cause unfair prejudice to the applicant and therefore, not willing for any settlement. There is no impediment in enforcing the order dated 23.08.2004. Shri Balmurali. learned Counsel, made a reference to the order dated 02.03.2006 of the Bench and insisted for appropriate directions in this behalf. There is no doubt that the Company failed to act as per the order dated 23.08.2004 and that it has not succeeded before the High Court of Madras as well as the Supreme Court. The Company has not produced any order passed in the revision petition purportedly preferred before the Supreme Court. Section 634A dealing with enforcement of orders of the Company Law Board reads thus:

By virtue of Section 634A. the order dated 23.08.2004 may be enforced by the Bench in the same manner as if it were a decree made by a Court in a suit pending thereon. I have no doubt that this Bench is in a position to execute the order made on 23.08.2004 against the Company. For these reasons, I direct as under:

(A) The Company shall register the transfer of 22,93,000 shares in the name of the applicant within ten days of receipt of this order and file an affidavit of compliance within three days thereafter.