Orissa Sponge Iron & vs Mrs. Margaret T. Desor And Others on 22 February, 2011
With reference to the above judgments, it was contended on behalf of the
appellants that the facts mentioned in C.A.Nos.113, 161, 213, 258 and 295 of 2009
contained certain allegations which did not find place in the main petition. No
amendment was sought for by the respondents for amending the Company Petition and
therefore, in view of the above decisions, the interim applications should have been
dismissed as being beyond the pleadings of the Company Petition. The Company Law
Board in the impugned order allowed C.A.Nos.213, 258 and 295 of 2009 so far as it
relates to conversion of warrants into equity shares even though there was no such
allegation of oppression in the main petition in relation to the said amendments. The
Court's jurisdiction regarding orders to be passed in interim applications was considered
in the case of Cotton Corporation of India Limited V. United Industrial Bank
Limited and others, reported in AIR 1983 Supreme Court 1272 and the relevant
portion of the judgment is quoted below: