JUDGMENT: The appeals are filed against the order of the Company Law Board, Principal Bench, sitting at Chennai dated 21.5.2000 made in C.P. Nos.68 and 69 of 1998. The respondents in C.P. No.69 of 1998 are the appellants in C.M.A. No.923 of 2000 and the respondents in C.P. No.68 of 1998 are the appellants in C.M.A. No.924 of 2000. The petitioner in C.P. No.69 of 1998 is the respondent in C.M.A. No.923 of 2000 and the petitioner in C.P. No.68 of 1998 is the respondent in C.M.A. No.924 of 2000.

2. The appeals deal with two companies, viz., M/s.Micromeritics Engineers Private Limited and M/s.Microparticle Engineers Private Limited. As far as Microparticle Engineers Private Limited is concerned, it was incorporated on 13.1.1992 under the Companies Act, 1956 (hereinafter referred to as ‘the Act’). The respondent in C.M.A. No.924 of 2000, by name, Senthamarai Munusamy along with S.Sounder, the second appellant and one Nalini Chandrasekar were holding shares in the said company and all of them were holding 990 shares each. Later on, Nalini Chandrasekar transferred her shares equally to the second appellant Sounder and the respondent Senthamarai Munusamy with the result the second appellan

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