M.S.D.C. Radharamanan vs M.S.D. Chandrasekara Raja And Another

The Supreme Court held that under Sections 397 and 398 of the Companies Act, 1956, the Company Law Board has the authority to address acts of oppression and deadlock in company affairs. The Court upheld the High Court's decision that the Company Law Board was justified in directing the appellant to purchase shares from the first respondent due to the deadlock situation, emphasizing the need for resolution to ensure smooth company operations. The appeal was partly allowed, modifying the earlier order to facilitate share valuation and purchase.