( 1 ) THIS is an application for various ad interim reliefs in a company petition under Sections 397, 398, 402 and 403 of the Companies Act, 1956. The material facts relating to this application are set out hereunder.

( 2 ) IN 1906, a company known as Bengal Luxmi Cotton Mills Ltd. (hereinafter referred to as the company) was incorporated, with the object of purchasing a cotton spinning and weaving mill in Bengal or elsewhere and to buy cotton, silk, jute, etc. , for carrying on the business of spinning yarn. In 1922, the applicant No. I came in contact with one Sachidananda Bhattacharjee. These two persons started various business and industrial concerns. In 1927, the company was in financial distress and became indebted to the Imperial Bank of India in the sum of Rs. 21,00,000. It was at that time that the applicant No. 1 is alleged to have come to the rescue of the company by taking over the managing agency. In 1930, the applicant No. 1 and Bhattacharjee by their combined efforts started an insurance business and promoted the Metropolitan Insurance Co. Ltd. They also promoted the Calcutta Friends Society (Private) Ltd. , Bengal Luxmi Soap Works (Private) Ltd. a