JUDGMENT - F.I. REBELLO, J.:---The appellants aggrieved by the order dated 24th July, 1988 passed by the Company Law Board, Western Region Bench, Mumbai, have preferred the present appeal. The main contention urged on behalf of the appellants is that the Company Law Board erred in holding that the disputes raised in the petition raise complicated questions which could not be decided by the Company Law Board in exercise of its jurisdiction under section 111 of the Companies Act. In addition, it is also submitted that no reasons have been given by the Board for the order passed and consequently the matter must be remanded to the Board for disposing of the matter by giving reasons for its order.

2. The short facts which are necessary for disposal of the appeal may now be stated.

It is the case of the appellants that the Stock Holding Corporation of India Limited (SHCIL.) had sent 10,750 equity shares of the respondent company for transfer in the name of the appellants on 15th March, 1991. The respondent company transferred only 4700 shares. The respondent company also had issued rights issue in the ratio of 1: 5 in the years 1993 and had also issued Bonus shares in the ratio of 1:1.

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