ANIRUDDHA BOSE, J.

1. This proceeding arises out of a petition filed by the respondent no. 1 to 6 before the Company Law Board (CLB) under Sections 235, 237, 247, 250, 397, 398, 402 and 403 of the Companies Act 1956. I shall refer to them as the applicants in the later part of this order. The petition has been registered as C.P. No. 1 of 2010 by the CLB. In this petition, various allegations have been made in the operation of Birla Corporation Limited, being the appellant/company which according to the applicants before the CLB constituted mismanagement of the company as well as the acts complained against have been alleged to be oppressive and prejudicial to the interest of the minority shareholders as well as public interest. The allegations are in the nature of siphoning of funds of the company by way of payment of brokerage to undeserved persons and through various other means like payment of freights for doubtful consignments and certain other acts. The applicants have filed the petition before the CLB on the strength of having consent of holders of more than 10% of the shares out of total issued capital of the company as well as having support of more than 100 shar