JUDGMENT

S.B. Sinha, J.

These appeals are directed against a judgment and order dated 9.8.2000 passed by a Division Bench of the High Court of Gujarat at Ahmedabad in O.J. Appeal Nos. 6, 7 and 8 of 1995 whereby and whereunder the judgment and order dated 17.12.1994 passed by a learned Single Judge of the said Court dismissing Company Petition No. 51 of 1991 filed by the First Respondent herein, was set aside.

BACKGROUND FACTS :

2. Sir Pratapsinghrao Gaekwad was the Ruler of Baroda. Maharani Shantadevi Gaekwad was his wife. They had eight children. For certain reasons with which we are not concerned, the estate of Gaekwad came into the hands of their elder son, Fatesinghrao P. Gaekwad (FRG) even during the life time of Sir Pratap Singh. FRG floated several companies, three of which are Baroda Rayon Corporation Ltd. (BRC), Gaekwad Investment Corporation Company Ltd. (GIC) and Alaukik Trading & Investment Corporation Pvt. Ltd. (Alaukik). BRC came into existence in 1958. At the outset, it was being run under Managing Agency System which was abolished in or about 1968 and later on the same was being managed by the Board of Directors with the assistance of professional executives. Appellant