KARNIK D.G., J.:---Both the appeals are directed against an order dated 2nd April, 2003 on Company Petition No. 45 of 2002 passed by Principal Bench of the Company Law Board, Appeal (Lodging) No. 4 of 2003 is filed by the original petitioner while Appeal (Lodging) No. 6 of 2003 is filed by the original respondent Nos. 2, 3, 4 5 before the Company Law Board. For the sake of convenience, the original petitioner is hereinafter referred as 'the appellant' and original respondents are referred to by their respective numbers before the Company Law Board. The respondent No. 1 is a company incorporated and registered under the Companies Act, 1956. The respondent No. 2 is a director of respondent No. 1 company. The respondent No. 3 was also a director of respondent No. 1 till he resigned on 4th June, 2002 and was replaced by respondent No. 4. The respondent No. 5 purports to be the Managing Director/Manager Special affairs of the respondent No. 1. Respondent Nos. 6 to 9 are the directors purportingly appointed by Enron Mauritius Company and respondent Nos. 10 and 11 are the directors nominated by a IDBI and ICICI respectively.

Basic Facts.

2. The Dabhol Power Company, the responden