C.M.A.No.3647 of 2005 is filed by respondents 1 and 9 in C.P.No.36 of 2002 against the order of Company Law Board directing the Central Government to appoint two Directors on the Board of Directors of the Company for a period of two years from the date they assume charge.

2. The few facts which are relevant for consideration herein are that M/s. Sterling Resorts and Hotels India Ltd. was incorporated on 22.05.1986 as a Private Limited Company. Thereafter, it was converted into a Public Limited Company with effect from 11.12.1989. The company is a first to launch time share product. The first product was structured as "Property Time Share" in and under which the buyer has the right of joint ownership of a specified apartment in a specified resort for a week every year for perpetuity and during 1992, the product was changed to Vacation Time Share which offered the member the right of usage of the apartment in a specified resort for one week every year for 99 years. It had all the standard features of the timeshare like split, advance, accumulate, postpone, exchange, sell, rent, gift, bequeath etc. As the timeshare concept was relatively unknown and holidays were not a high pri