S.C. GUPTE, J.

1. Company Appeal Nos. 55 of 2014 and 56 of 2014 impugn an order passed by the Company Law Board, Mumbai Bench (“CLB”) on applications under Section 111 of the Companies Act, 1956 (“Act”) by which the first Respondent company was inter alia directed to transmit shares held by a shareholder of the company and rectify the register of members. Companion Company Appeal Nos. 31 of 2015 and 54 of 2015 are cross appeals which impugn another order passed by the CLB on the same day on a petition filed by the same Petitioners under Sections 397 and 398 of the Act, complaining of the same facts as are the subject matter of the rectification petitions in addition to some other facts.

2. The short facts of the case may be stated as follows:-

2(i) In or about 1947, the first Respondent company-Mehboob Productions Pvt. Ltd. (Company) was incorporated by the reputed filmmaker, late Mehboob Khan. The company owns a large immovable property admeasuring about 4.2 acres at Hill Road, Bandra (West), Mumbai, known as Mehboob Studio, which is hired out for films and advertisements as of t