The company appeal challenges an order passed on a company application filed in a disposed of company petition under Sections 397 and 398 of the Companies Act, 1956 (“the Act”). The company petition involved disputes between two groups of shareholders of the company. The petition was disposed of by the Company Law Board, Principal Bench (“CLB”) by directing one group to sell its shares to the other group at a valuation to be made by the statutory auditor of the company and issuing various other directions. That order was, upon a challenge in an appeal, upheld by this Court with passing of further directions. The statutory auditor thereupon proceeded to value the shares. The valuation was thereafter challenged by the Respondents herein by filing a company application in the disposed of company petition. By the impugned order, the valuation report prepared by the statutory auditor of Appellant No.1 company was set aside and a fresh valuation was ordered. So also, cancellation of 25000 shares held by Respondent No.1 in the company in pursuance of the order disposing of the company petition, was set aside. The order is challenged basically on the grounds that the CLB, having