JUDGMENT

K.M. Joseph, J.

1. The first respondent is a private limited company. It can also be described as a closely held private limited company. The authorised capital of the first respondent was Rs.1 crore. It consisted of ten lakh equity shares of Rs.10/- each. The paid-up capital was also the same. There are three groups. Appellants 1 and 2, together and relatives can be described as the H.M. Patel Group. They had 30.80 percentage of the paid-up share capital. The next Group to be noticed is the Sheth Group which is represented by Respondents 4 and 5, viz., Kirti Kumar Ochachhavlal Sheth and Ashwinikumar Kirtikumar Ochachhavlal Sheth (hereinafter referred to as, ‘the Sheth Group’, for short). The Sheth Group had 45 per cent share in the paid-up capital. The third Group is represented by Respondents 2 and 3, viz., Manish Vipinchandra Patel and Krunal Vipinchandra Patel. They had 24.20 percentage of the paid-up share capital. They are referred to hereinafter as the ‘V.P. Patel Group’.

2. The V.P. Patel Group filed T.P. 197 of 2016 (C.A. 16 of 2012) whereas the Sheth Group filed