( 1 ) THESE three appeals are directed against the judgement and order passed by the learned Single Judge on 17th April, 1995, in Company Petition No. 51 of 1991, dismissing the petition which was filed under the provisions of Sections 397 and 398 of the Companies Act, 1956. O. J. Appeal No. 6/95 has been preferred by the petitioners of the Company Petition No. 51/91 and the other two O. J. Appeals No. s 7 and 8 of 1995 have been preferred by the supporting original respondents Nos. 11 and 12. Since common points were involved, all these three appeals have been argued together by referring to the record of the O. J. Appeal No. 6/95, by both the sides.

( 2 ) THE case of the appellants in O. J. Appeal No. 6 of 1995 (hereinafter referred to as the petitioners) was that the respondent No. 6 company Gaekwad Investments Corporation Pvt. Ltd. (hereinafter referred to as "the company") which was initially incorporated as a Public Ltd. company in the year 1958 was converted into a Private Limited company around the year 1971 and its registered office is situate at "`indumati Mahal, Jawaharlal Nehru Marg, Baroda 390 001". The company was established with the objective of