N.V.BALASUBRAMANIAN, J.

This appeal is preferred against the order of the Company Law Board, Southern Region Bench, Chennai made in C.A.No.75 of 2002 dated 6.9.2002. The Company Law Board has passed the above order in the application filed under section 167 of the Companies Act, 1956, hereinafter referred to as 'the Act' by one Veeraraghavan seeking a direction against M/s.Muthialpet Benefit Fund Limited, hereinafter referred to as 'the company' to convene and hold Annual General meetings for the years 2000, 2001 and 2002.

2. The appeal is filed by the second respondent in the company application, viz., Mohan. We are of the opinion that it is necessary to refer to certain facts for the disposal of the appeal. M/s.Muthialpet Benefit Fund Limited is a Mutual Benefit Fund and it is stated that the company was started in the year 1895 and incorporated under the provisions of the Indian Companies Act, 1882 and the company has been functioning for more than 107 years. The company is a Nidhi company and its main business is lending loans on jewels and landed property and accepting fixed deposits from the public. It is stated that the last Annual General meeting of the company