Arali Nagaraj,J.

This Company Appeal is filed under section 10F of the Companies Act 1956 (herein after referred to as “The Act”) by the appellant Nos. 1 and 2. aggrieved by the order dated 12.05.2006 passed by the Company Law Board, Additional Principal Bench, Chennai (herein after referred to as “CLB”) in C.P.N 0.11/06 praying this court to set aside the direction in the said order that the appellants shall sell their shareholding in the first respondent company (herein referred to as JV Co.,) to second respondent company namely General Electric Pacific (Mauritius) Limited to direct the second respondent and its nominees to sell their shareholdings in N Co. to the appellants at the value to be determined by MIs. Price Waterhouse Coopers, /Chartered Accountants.

2. Brief facts that are necessary for the disposal of this appeal are as under:

(a) Appellant No.1 namely Namtech Consultants Private Limited is a company incorporated under the Act. Appellant No.2 namely K.P.P.Nambiar being a nominee of the first appellant has been a shareholder of the first respondent company namely GE Thermometries India Private Limited which was originally incorporated under the Act in the year