R.M. LODHA, J.:---The legality and correctness of the order dated 22-5-1992 passed by the Company Law Board. Western Region Bench, Bombay is subject matter of challenge in this appeal filed under section 10(f) of Companies Act, 1956. By the said order the Company Law Board disposed of two appeals namely Appeal Nos. 4 and 5(iii) CLB/WR of 1991 filed under section 111 of Companies Act, 1956 wherein the order of the company refusing to register the shares lodged for transfer was impugned.

2. The present appellant M/s. Vasant Investment Corporation Limited (the Company) is incorporated under Companies Act, 1956. The issued, subscribed and paid up capital of the company is Rs. 36,97,435/- divided into 96,961 shares of Rs. 37/- each and 1500 equity shares of Rs. 74/-. The Company carries on business as dealer and consultant in securities and investment. The Company is not listed on any stock exchange. On 3-1-1989 Shri Kashi Deora, (respondent No. 4 - transferee) lodged to the company 14605 equity shares of the company for transfer of the said shares in his favour. Shri Suresh Deora (respondent No. 5 herein - transferee) lodged with the company 3270 equity shares for transfer of