P.P. Bopanna, J.—By my order dated August 11, 1988 (See Srikanta Datta Narasimharaja Wadiyar Vs. Venkateswara Real Estate Enterprises (Pvt.) Ltd. and Others, ILR (1989) KAR 2562 the preliminary objection as to the maintainability of the Company Petitions Nos. 32 and 67 of 1987 was overruled and the petitions were posted for grant of interim relief on September 2, 1988. Since the grant of interim relief is closely connected with the question of admission of these petitions, I have heard learned counsel on both these points. It may also be noticed that my order dated August 11, 1988 (See Srikanta Datta Narasimharaja Wadiyar Vs. Venkateswara Real Estate Enterprises (Pvt.) Ltd. and Others, ILR (1989) KAR 2562 , is pending in appeal in O.S.A. No. 10 of 1988 and, in the absence of any order by the Division Bench staying the operation of that order, there is no Bar for this court to here these petitions on the question of admission and interim relief.

2. Company petitions Nos. 32 and 67 of 1987 are filed by the petitioner under the provisions of sections 397 and 398 of the Companies Act, 1956 (in short "the Act"). Company Petitions Nos. 49 and 50 are filed by the very same petitioner under the provisions of section 433(f) of the Act. The facts in all these petitions are not in serious controversy since they could be culled out from a number of agreements entered into between the parties and from a number of letters exchanged by the parties and produced as annexures to these petitions.

3. The petitioner, Srikanta Datta Narasimharaja Wadiyar, is the son of late His Highness the Maharaja of Mysore (hereinafter referred to as "the late Highness") and, in these petitions, he has prayed for a number of reliefs against the members of Chamaraju family (who are described as the Chamaraju group in these petitions) and the two companies now under their control. Late Chamaraju was a renowned building contractor in this part of the State and it is not in dispute that he had advanced huge sums of money to late Highness from time to time. It is on record from one of the representations made by the petitioner and his mother to the then Prime Minister of India on March 2, 1975, that late Highness was indebted to the extent of Rs. 67 lakhs and interest thereon at 6% per annum to late Chamaraju. Certain agreements between the late Highness and Chamaraju go to show that, consequent on the abolition of privy purses by the Central Government, late Highness was in straitened circumstances financially and, therefore, he considered a hotel project on the lines of a five star hotel in Bangalore to be put up in collaboration with the technical services of late Chamaraju who was, as noticed earlier, a well-known building contractor. Certain agreements were entered into between them to which a brief reference will be made presently and, on the basis of those agreements, two companies were incorporated-one by name Venkateswara Real Estate Enterprises Pvt. Ltd. (in short "Venkateswara") and the other by name Chamundi Hotels Private Ltd. (in short "Chamundi"). Promotion of these two companies was with a view to develop the extensive lands owned by late Highness in Bangalore and also to develop the existing Place situate on these lands. These lands and the palace situated thereon are compendiously known as Bangalore palace consisting of nearly 454 acres of non-agricultural prime land, palace, cottages, tennis courts, outhouses and other appurtenances. The salient features of the agreement dated December 11, 1970, between the late Highness and Venkateswara represented by the managing director, i.e., late Chamaraju, are that the late Highness would sell and Venkateswara would purchase free from all encumbrances the entire property described in schedule A consisting of 344 acres of land which is part and parcel of Bangalore palace area for Rs. 2,40,80,000 being the sale price fixed by a mutual agreement subject to the stipulations mentioned in the said agreement.