N.Kannadasan, J.

Appellants are respondents in C.M.A. and the petitioners before the Company Law Board. The respondents 1 and 2 in L.P.A.No.127 of 2000 and the respondents 10 and 11 in LPA 128 of 2000 are the appellants in the C.M.A.No.1312 of 1998 and the respondents 1 and 2 before the Company Law Board. The respondents 10 and 11 in L.P.A.No.127 of 2000 and respondents 1 and 2 in L.P.A.No.128 of 2000 are the appellants in C.M.A.No.1391 of 1998. The other respondents are the respondents in the above CMA and the respondents in the Company Petition.

2. The appellants herein have filed a petition under Sections 397, 398, 402 and 403 of the Companies Act, 1956, before the Company Law Board Chennai for prevention of oppression and mismanagement in the affairs of the Company viz., M/s. Anugraha Jewellers Limited, Coimbatore. It is alleged that there has been irregularity in the allotment of shares to them that the funds of the company have been siphoned off in the form of loans and advances to certain fictitious companies, that the appointment of the Managing Director is neither legal nor proper, that the appellants were removed from the Board in a irregular manner, that the An