( 1 ) THESE two appeals are directed against a judgment and order dated 6th July, 1967, by which the learned trial judge disposed of two applications. In the first application, namely, Company Application No. 183 of 1966, which was an application praying for stay of winding-up proceedings of a company, the learned trial judge ordered such stay and at the same time dismissed the connected winding-up petition, namely, Company Petition No. 123 of 1966, which had been filed by the appellants herein. The second application, viz. , Company Application No. 136 of 1966, which was one for appointment of a provisional liquidator and also for an order of injunction restraining the respondents Nos. 2, 3 and 4 herein from acting or holding themselves out as directors of the company, was dismissed by the learned trial judge. These two appeals were by agreement of parties heard together and we are disposing of these two appeals by one judgment.

( 2 ) ON or about 9th August, 1966, the Hind Overseas Private Ltd. (hereinafter referred to as "the company") was incorporated with a share capital of Rs. 5,00,000 consisting of 5,000 shares of Rs. 100 each. Though there is no dispute as to