JUDGMENT

Sethi, J.-Leave granted.

2. As the question of law in both the appeals is common and the facts similar, the appeals are being disposed of by this common judgment.

3. The appellants are aggrieved of the impugned judgment passed by the High Court in Company Appeals by which the orders passed by the Company Law Board have been set aside and disputes allegedly existing between the parties referred to the High powered Committee in terms of the judgment of this Court in Oil & Natural Gas Commission & Anr. v. Collector of Central Excise1. It is contended that the dictum of this Court in ONGC s case was not applicable to the facts of the cases under appeals, as there did not exist a genuine dispute between the parties which could be referred to the High Powered Committee.

4. The facts giving rise to the filing of the present appeals, as extracted from the Appeal arising out of SLP (C) No. 14660, are as under.

The appellants filed Company Petition Nos. 11/111/-95CLB & 12/111/95-CLB under Section 111(4), (5) & (7) of the Companies Act before the Company Law Board, Northern Region Bench, New Delhi, stating therein that they were Trustees of Canbank Mutual Fund (hereafter referred to as "