The present appeal is directed against the order dated 13-01-2016 passed by the Company Law Board (herein after referred to as ‘CLB’ for short) whereby, CLB has observed that the petition is maintainable and thereafter has directed the petitioner to approach the competent Civil Court as regards the controversial issue, then the petitioner may approach the CLB to decide the main Company Petition. CLB has further disposed of Company Application No.1/2015, whereby the prayer of the appellant to forward the papers to the forensic expert and other relief are not granted.

2. In order to appreciate the controversy, we may refer to the facts in a nutshell.

3. As per the appellant, on 29-01-2015, share purchase agreement under the Memorandum of Understanding was entered into between the appellant and the respondents No. 2 and 3 for purchase of 2,25,000 shares, on 29-01-2015. As per the appellant, total consideration was Rs.67,50,000/-, out of which Rs.47,50,000/- was paid by cash and the balance of Rs.20,00,000/- was to be paid through post dated cheques dated 25-03-2015, for which receipts are issued by respondents No. 2 and 3. As per the appellant, the application was made to the respondent No.1 – Company for transfer of the aforesaid shares in favour of the appellant.

4. The Respondent-Company called for additional details. In the meantime, the appellant came to know that a suit has been filed on 17.04.2015 before the City Civil Court, Bengaluru in O.S.No.25382/2015 by one Mr. Abhay Govind Chebbi, claiming himself to be a Director of the first Respondent/Company with certain other persons claiming rights over the first Respondent/Company. The appellant also came to know that there was interim injunction granted in the above filed suit against the Registrar of Companies restraining him inter alia from registering any shares in relation to the Company. As per the appellant since the shares were not transferred in favour of the appellant as per the agreement entered into by Respondent Nos.2 and 3, the appellant approached the CLB by preferring Company Petition No.3/2015 seeking direction to the Respondent Company to register the transfer of 2,25,000 shares in favour of the petitioner and also prayed to direct Respondent Nos.2 and 3 to pay compensation of Rs.10 Lakhs as damages.

5. It appears that a criminal complaint was also filed by the Respondent Nos.2 and 3 before the Police Authority contending inter alia that they have not signed the deed of agreement with the appellant to transfer the shares and their signatures are forged. When the matter was pending for police investigation, Application No.1/2015 was preferred by the appellant before CLB seeking prayer that summons be issued to the Branch Manager of Kotak Mahindra Bank and Axis Bank to produce the documents of the loan application, form, etc., containing signature and summons be also issued to direct Respondent Nos.2 and 3 to produce the documents containing signatures and the various letters in the custody of Registrar of Companies who also be directed to produce concern letters signed by the third respondent and other documents. The second prayer was made in the said application to direct forensic examination of signatures of Respondent Nos.2 and 3 in the original documents submitted by the appellant and be compared with the signatures of Respondent Nos. 2 and 3 with Memorandum of Understanding, Share Purchase Agreement, General Power of Attorney and Security Form. It appears that CLB thereafter heard the main Company Petition as well as C.A.No.1/2015 but it appears that the appellant herein did not make any submission in Company Petition No.10/2015 but made only submissions in C.A.No.1/2015.

6. The CLB thereafter found that as the complaint is registered with the police and as per the report of the handwriting expert before the Police Authority, the signatures are found to be forged signatures and the documents are fabricated and the charge-sheet is filed, the CLB afte