1. Aggrieved by the order dated 12.12.2001, passed by the Company Law Board, Chennai in Company Petition No. 57/1998, directing the petitioner company therein to purchase the shares held by the respondent therein, among consequential reliefs, the respondent has filed the present appeal.

2. The first respondent is a Private Limited Company. It was incorporated in December 1985, for the manufacture of filter equipment. The second respondent holds 51.82% of the shares. The Appellant holds 26% of the shares. The respondent No.1 and the appellant, initially entered into a “Technical Collaboration Agreement” on 17th February 1986, by which the appellant was to provide technical know how and assistance for the manufacture of industrial filters by the company. Thereafter a “Shareholders Partnership Agreement” dated 16.10.1986 was entered into between the appellant and the 2nd respondent by which the appellant was to subscribe to 26% shares in the company for a sum of Rs.7.8 lakhs. This agreement also provided that the company and the Appellant would enter into a ‘Name Protection Agreement’, a ‘Distributor Agreement’, a ‘Trade Mark Registered User Agreement’ along with an amendme