D.R. DHANUKA, J.:---The Principal question which arises for consideration of the Court in these proceedings is as to whether the impugned transaction dated 18th February 1987 entered into by and between M/s. Kishco Mills Pvt. Ltd. (hereinafter referred to as `the company') and M/s. Monark Enterprises relating to transfer of leasehold rights in Plot No. 10, Government Industrial Estate, Kandivli, Bombay, and the structures thereon is liable to be treated as void ab initio or is liable to be annulled by the Company Court under one or the other provisions of the Companies Act I of 1956 (hereinafter referred to as `the Act').

2. On 12th August, 1987, Shri Kisan Tulpule, Shri Ramakrishna Venkat, Shri Satyanarayan Ramourat Tripathi and Shri Ramtirath Sukhanarayan Kahar, in their capacity as representatives of Mill Mazdoor Sabha, an approved and recognised Union for textile processing industry, representing the workmen of the company, filed a winding up petition in this Court, being Company Petition No. 756 of 1987. The petitioners sought winding up order against the said company on the ground of non-compliance with the notice of demand of Rs.70.74,282.59, being notice of demand da