( 1 ) IN this Company Application the applicants have sought dismissal of the main Company Petition No. 62 of 1986 in view of certain preliminary objections about maintainability of the petition as they seek to raise by way of this application.

( 2 ) IN order to appreciate the nature of the controversy posed for my consideration in this application it is necessary to note a few introductory facts. Respondent Esma Industries Private Limited has filed main Company Petition No. 62 of 1986 in this Court. The said petition is filed under Secs. 391 and 398 of the Companies Act 1956 (the Act for short ). It seeks to challenge certain alleged acts of omission/commissions said to have been committed by original respondents Nos. 2 and 3 of the company petition who are in charge of the management of the Company. It is alleged that they are conducting the affairs of the Company in a manner oppressive to its shareholders and also in the manner prejudicial to the interest of the Company. At admission stage this petition was opposed vehemently by the present applicants. Ultimately after healing both the parties this Court (G. T. Nanavati J.) was pleased to admit the company peti