1. An interim order passed by the Company Law Board on a miscellaneous application filed by the company in question, pending disposal of a main company petition under Sections 397 and 398 of the Companies Act, 1956, is under challenge in the above appeal under Section 10-F of the Act.

2. I have heard Mr.Sudipto Sarkar, learned Senior Counsel appearing for the appellant, Mr.Fredun Devitre, learned Senior Counsel appearing for respondents 1 to 3, Mr.S.N.Mookherjee, learned Senior Counsel appearing for the fourth respondent, Mr.T.K.Seshadri, learned Senior Counsel appearing for the Government of Tamil Nadu, which is the fifth respondent herein, Mr.R.Murari, learned Senior Counsel appearing for the sixth respondent-IDBI and Mr.M.P.S.Rao, learned counsel appearing for the seventh respondent.

3. The respondents 1 to 3 herein who are respectively (i) Tamil Nadu Water Investment Company Ltd., (ii) Tirupur Infrastructure Development Company Ltd., and (iii) Infrastructure Leasing and Financial Services Ltd., all of whom are either mere shareholders or shareholders as well as creditors, joined together and filed a petition in C.P.No.18 of 2007 on the file of the Additional Principal Bench of the Company Law Board. The petition was filed on allegations of oppression and mismanagement under Sections 397, 398, 402, 403 & 406. In the company petition, as it was originally filed, there were only 3 respondents viz., (i) AIDQUA Holdings (Mauritius) Inc., who is the appellant herein (ii) Mr. Faizal N.Syed, who is the 7th respondent herein and (iii) New Tirupur Area Development Corporation Limited, who is the 4th respondent herein. Subsequently, the Industrial Development Bank of India and the State of Tamil Nadu represented by Secretary to Government, Municipal Administration and Water Supply Department, were also impleaded in the main company petition.

4. The reliefs sought by the respondents 1 to 3 herein, who were the petitioners in the main Company Petition No. 18 of 2007, were as follows:-

"a. That this Hon'ble Board be pleased to declare that the requirement of an affirmative vote to render valid any resolution conferred by the Articles of Association of the company on the first respondent including that in Articles 49, 50, 193, 195, 197, 198, 217, 218 and 219 of the Articles of Association is bad in law, illegal, null and void and not binding on and/or enforceable against the company and other shareholders;

b. That this Hon'ble Board be pleased to strike down Article Nos. 49, 50, 193, 195, 197, 198, 217, 218 and 219 as violative of the provisions of the Act and against public policy;

c. That this Hon'ble Board be pleased to appoint one or more persons as AIDQUA nominee director in place of the second respondent, Mr.Faizal N.Syed, to ensure that the affairs of the Board of Directors are carried out in a proper manner;

d. That this Hon'ble Board be pleased to pass an order of interim injunction against the second respondent Mr.Faizal N.Syed restraining him from acting as a director of the company and/or exercising Affirmative Vote pursuant to the Articles of Association of the company;

e. That the rights and/or powers and/or privileges conferred by or under the Articles of Association of the company on AIDQUA including by or under the Articles 49, 50, 191, 193, 195, 197, 198, 217, 218 and 219 and the corresponding obligations on the company and/or its other shareholders thereunder be suspended pending disposal of this petition;

f. That this Hon'ble Tribunal be pleased to pass an order and injunction restraining the respondents from exercising the right of Affirmative Vote in all matters affecting the performance of the Concession Agreement;

g. That this Hon'ble Tribunal be pleased to appoint Mr.Sameer Vyas as Managing Director of the company;

h. That pending the hearing and final disposal of the present petition, interim and ad-interim reliefs in terms of prayer clauses (a) to (g) be granted."

5. During the pendency of the above main company p