( 1 ) AFTER hearing the learned Counsel for the appellant, we adjourned the case for a short while to await arrival of the learned Counsel for the respondents. Unfortunately, none appears for the respondents and under such circumstances, we proceed ex parte against the respondents.

( 2 ) PRESENT is an appeal under Section-10 (F) of the Companies Act, 1956 whereunder the order dated 18th September, 2001 passed by the Company Law Board, Principal Bench, New Delhi, in C. P. No. 28 of 1999, has been impugned on the ground of non-application of mind, illegal approach and perverse findings. The short facts leading to the present appeal are that the appellant and his associates, who were holding 60% of the majority in M/s. Wonderweld Electrodes Pvt. Ltd. , a Company registered under the provisions of the Indian Companies Act, 1956 and having its Registered Office at Plot No. 902, GIDC Industrial Estate, Ankleshwar, Gujarat, were converted into minority. The allegations were that the appellant and his group were holding majority of 60% shares, but, by a clandestine preferential allotment of additional shares, the appellant and his group was reduced to minority. The appellant