Judgment

RAY, J.:- These appeals are by special leave against the order dated 14th March, 1970 made by the Company Law Board, Department of Company Affairs, Ministry of Industrial Development, Internal Trade and Company Affairs, New Delhi under Section 111 (3) of the Companies Act, 1956 directing the appellant company to register transfer of 3643 shares forming the subject matter of these appeals.

2. The respondents in these appeals are Jaya Hind Industries Ltd., N K. Firodia and other persons who will be referred to as the Firodia group. The appellant will be referred to as the Bajaj group.

3. The Firodia group lodged in different lots 3643 shares of the appellan1 for being transferred to different names Jaya Hind Industries Private Ltd. applied for transfer of 1500 shares in their names. Firodia applied for transfer of 30 shares in his name. The other transfers were in the names of associates, nominees and friends of the Firodia group. The Board of the appellant refused to register transfer of the said shares at the Board meetings held on 23 May 1968 in respect of 2532 shares and on 24 June, 1968 in respect of 1111 shares. The appellant communicated the said refusal to transfer the