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blast and abuse of process. The petition does not disclose any cause of action. It is the Mehras who are the oppressors and mismanaged EIL.

(ii) Issues raised by Mehras in the petition are raised in the Suit No.2667 of 2007 filed in the Bombay High 31 Judgmnt COAPPL42-13 in CP83-11 wt COAPPL43-13 in CP82-11 .doc Court. The petition challenges IPLA, which contains arbitration clause and further the matters under IPLA are not within the jurisdiction of the Board.

(xxiv)It is not a settled proposition that the majority must buy out the minority even though majority is the oppressor. Various decisions interpreting Section 402 of the Act relied upon by EG are all distinguishable on facts. The Board has correctly appreciated the factual background and has directed that Mehras should buy out the stock of EG and this finding substantially subsists, should not be interfered. The allegations of EG regarding the valuation process is 74 Judgmnt COAPPL42-13 in CP83-11 wt COAPPL43-13 in CP82-11 .doc baseless. The Board has directed that the valuation should be done by independent auditor.