.1. This Writ Petition was filed in the year 1999. Previously, the First Petitioner was the Chairman of a Multi-National Company known as “U.B. GROUP” and the other Petitioners were the Executives/Employees of the U.B. Group of Companies. In the year 1982, a Company called “Krest Development and Leasing Limited” was incorporated and registered before the Registrar of Companies, Chennai, under the provisions of Indian Companies Act. The U.B. Group of Companies, after following the relevant provisions of the Companies Act, acquired controlling interest in Krest Development and Leasing Limited and therefore, the said Company was renamed as “Mcdowell

.Crest Finance Limited” (Fourth Respondent herein).

2. While so, according to the First Petitioner, because of his other pre-occupations in other businesses of U.B. Group and as he was also non-resident Indian, he ceased to be the Director of the said Company even as early as on 20.03.1997 following the prescribed and requisite statutory formalities as laid down under the Companies Act. Similarly, according to the other Petitioners, they had also resigned as Directors in the Fourth Respondent-Company by following the prescribed