Manmohan, J.

1. Present appeal has been filed challenging the orders dated 15th March, 2004 and 04th October, 2004 passed by the Company Law Board. While by the first order, Appellants were directed to purchase 33% shares owned by Respondent No. 1 on the basis of Balance Sheet dated 31st March, 1999, by the order dated 04th October, 2004, the Company Law Board appointed a Valuer to value the said shares.

2. Mr. Rohan Thawani, learned counsel for the Appellants submitted that the Company Law Board vide its judgment and order 15th March, 2004 had directed the Appellants herein to either immediately reinstate Respondent No. 1 as Director of the company or in the alternative to purchase his shares on the basis of valuation made by an independent Valuer. Mr. Thawani stated that the Appellants having reinstated Respondent No. 1, cannot now be compelled to purchase his shares and that too, on the basis of a Balance Sheet dated 31st March, 1999.

3. Mr. Thawani further submitted that the Company Law Board cannot compel the Appellants to purchase shares of Respondent No. 1 especially when the Company Law Board had rejected the allegations of oppression made by the Respondent No. 1. Mr. Thawani