Bopanna, J.—This appeal arises against the order of the learned company judge in Company Petition No. 8 of 1982, on a preliminary objection raised by the appellants based on the provisions of section 41 of the Companies Act, 1956 (for short "the Act"). The parties are referred to in this appeal by the position assigned to them in the company petition.

2. The petitioners who are shareholders of respondent No. 1-company had filed a petition under the provisions of sections 397 and 398 of the Act against respondent No. 1, the company had respondent No. 2, the ex-director of the first respondent-company. The Registrar of Companies and also the chartered accountants, Messrs M. R. Narayan and Company, were arrayed as respondents Nos. 3 and 4 in view of certain allegation made against them by the petitioners. It is not necessary to go into the various acts of oppression and mismanagement alleged by the petitioners in the company petition since they are not the subject-matter for consideration in this appeal.

3. In the statement of objections filed by the respondents, a plea was taken that the petition is not maintainable in view of the fact that the membership of the petitioners i