Pranab Kumar Pal vs M/S. Liz Investments Pvt. Ltd. & Ors

The Supreme Court addressed the appeal against the Delhi High Court's order concerning the Company Law Board's directives under Sections 398, 402, 403, 235, and 237 of the Companies Act, 1956. The Court held that the imposition of security conditions by the High Court infringed upon the appellant's right to employment as protected under Section 27 of the Indian Contract Act, 1872. The Court directed the Company Law Board to reconsider the matters afresh within three months, while keeping the High Court's security conditions subject to the CLB's decision.