This Company Appeal is filed, under Section 10F of the Companies Act, 1956 (hereinafter called the “Act”), against the order of the Company Law Board, Chennai Bench, Chennai (hereinafter called the CLB), in C.P. No.4 of 2010 dated 25.05.2012.

2. As the contentions urged in this appeal are limited only to a few of the issues raised before the CLB, the facts, to the extent relevant for adjudication of this appeal, need alone be noted. M/s.Anita Impex Limited (A-4), a U.K. based Company incorporated on 05.10.1993 in London, deposited Rs.25.00 lakhs with the Rajasthan State Electricity Board (RSEB) in the year 1997, and entered into an agreement with them for establishing and maintaining a generating station with 150 MW capacity in Sirohi or Jodhpur in the State of Rajasthan. The said agreement required a company to be incorporated in India under the Act, and the power generated by the said company to be purchased by the RSEB. Pursuant thereto, Marudhar Power Private Limited (which later changed its name to VS Lignite Power Private Limited – R-1) was incorporated on 10.10.2001. The registered office of R-1 was located at Jodhpur in the State of Rajasthan, till it was later sh