1. An interesting question of law arises in this appeal on the scope of the expression "affairs of the company" occurring in Sections 397 and 398 of the Companies Act, 1956 and further questions whether the said expression would include the affairs of the subsidiaries of the holding company and whether a shareholder of the holding company can seek relief against the subsidiaries in terms of Section 402 of the Companies Act and on the jurisdiction of the Company Law Board to decide the said questions as preliminary issues arise in the appeal.

2. The appeal is filed against the order of the Company Law Board upholding the preliminary objection raised by respondent No.1 wherein the Company Law Board held that the appellant cannot claim reliefs against subsidiaries in terms of Section 402 of the Companies Act and deleted the names of subsidiaries and their directors from the array of parties.

3. The necessary facts are that the appellant herein, who is the petitioner in the company petition, is holding 10% of shares in the first respondent company. The first respondent company has 38 subsidiaries and some of the subsidiaries are, in turn, holding companies of other subsidia