VALMIKI J. MEHTA, J.

1. This case is on the Regular Board of this Court since 19.3.2012. No one appears for the respondents although it is 3.20 P.M. I have therefore heard the learned counsel for the appellants and perused the record. I am consequently proceeding to dispose of the appeal.

2. The challenge by means of this Regular First Appeal (RFA) filed under Section 96 of the Code of Civil Procedure, 1908 (CPC) is to the impugned judgment of the trial Court dated 4.4.2005 rejecting the plaint under Order 7 Rule 11 CPC on the ground that disputes which were subject matter of the suit under the Companies Act, 1956 (hereinafter referred to as „the Act?) had to be decided by the Company Law Board by virtue of Section 111 of the Act.

3. The facts of the case are that the plaintiffs filed the subject suit for declaration and mandatory injunction on the pleading that the shareholding of defendant Nos.3 and 6 to 9 of the defendant No.1 was of Redeemable Preference Shares issued in the year 1957 for a term of 10 years redeemable in the year 1967; that the defendant No.1-company issued a notice dated 12.10.1996 for holding of an Extraordinary General Meeting on 9.11.1996 for passing of a r

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