Prabha Sridevan, J.

1. The second respondent-Tamilnad Mercantile Bank was established by the Nadar Community. During the period between 1996 to 2003, the Annual General Meetings could not be held because of an impasse created by the refusal of the Reserve Bank of India to approve the transfer of shares by shareholders. On 110. 2003, the Company Law Board directed that the Annual General Meeting of seven years from 1996 to 2003 be held. The Meetings were held. The new Board of Directors assumed charge. This gave rise to objections which were rejected by the Company Law Board. The 82nd Annual General Meeting was scheduled to be held on 212. 2004. One day before that, the appellants herein filed C.S. No.981 of 2004 for an injunction restraining the defendants, their men or servants or any other person claiming under them from preventing the members whose names are registered in the Register of Members of the Tamilnad Mercantile Bank Limited or their duly authorized proxies from participating and exercising their voting rights in the forthcoming Annual General Meeting dated 212. 2004.

2. On 7. 2006, in Application No.1979 of 2006 filed for rejection of plaint, an order was passed for posting the suit for withdrawal and it was claimed by the applicant that nothing survived in the suit, so it was posted to 17. 2006 for withdrawal. Proceedings in contempt in respect of an order in this suit culminated in Civil Appeal No.3034 of 2006. The Supreme Court on 17. 2006, passed an order and sent the matter back to this Court for consideration afresh. On 17. 2006, the learned counsel for the appellants submitted that he is not willing to withdraw the suit.

3. On 27. 2006, a learned single Judge of this Court passed an order in O.A. Nos.597 to 599 of 2006 in the above suit. The O.As. were respectively for an interim injunction restraining the second respondent-Bank herein from holding its 83rd Annual General Meeting on 27. 2006 or on any subsequent dates; for an interim injunction restraining the Bank from permitting the proxies issued by Powers of Attorney holders who were not registered with the Registrar of Assurance in terms of Article 35 of the Articles of Association of the Bank in the Annual or Extraordinary General Meetings of the Bank; and for an interim injunction restraining the Bank from preventing the members whose names are found in the Register of Members of the Bank or their duly authorised proxies from participating and exercising their voting rights in the Annual and Extraordinary General Meetings of the Bank, pending disposal of the suit. The learned single Judge, after referring to the above order of the Supreme Court in Civil Appeal No.3034 of 2006, passed the following order: -

"Till such time, without postponing the meeting, there can be a better arrangement to conduct the Annual General Meeting as scheduled on 27. 2006 so far as the subject matters 1, 2 and 6 found in the agenda (by show of hands) are concerned and regarding the other subject matter Nos.3 to 5 found in the agenda, the General Body Meeting may be adjourned until further orders of the Court and to which meeting, fresh proxies may be allowed in accordance with the result of the enquiry to be made in these applications. Suppose, the proxies of GPA holders were not allowed to participate in the election, then no fresh proxies need be made. There is also no serious objection by anyone concerned (counsel).

Since the subject matters 3 to 5 in the agenda for the General Body Meeting on 27. 2006 are going to be adjourned, the erstwhile Directors shall be directed to continue in the office and to maintain status quo until further orders of this Court.

With these observations, the applications stand posted to 8. 2006. So far as the impleading application is concerned, post it after service on that date."

After this, the second respondent filed O.A. No.23 of 2007 for directions regarding holding of the 84th Annual General Meeting. On 16. 2007, the sec