Honble Sunil Ambwani, J.—Heard Shri P.N. Saxena, Senior Advocate assisted by Shri Ishan Shishu for the appellants, and Shri R.P. Agarwal for respondent Nos. 2 and 3. Shri Navin Sinha, learned Senior Advocate assisted by Shri Vipin Sinha appears for respondent No. 9 in both the appeals.

2. The Company Appeal No. 7 of 2007 arises out of the order dated 4.7.2007 of the Company Law Board (CLB) by which it has disposed of the Company Petition No. 14 of 1999 under Sections 397/398 of the Companies Act, 1956 on the basis of compromise; as also the three Company Application Nos. 14/111 of 1999, 15/111 of 1999 and 1/111 of 2001, by Shri Ajit Kumar Gupta, the appellant in these appeals, (the 2nd petitioner in the Company Petitions) under Section 111 of the Companies Act, 1956.

3. The Company Appeal No. (1) of 2007 arises out of an order dated 3.8.2007 passed by the CLB on Company Application No. 288/292 & 293 of 2007 filed by Shri Raj Kumar Gupta-1st petitioners group and Ashok Kumar Gupta-the 2nd respondents Group in Company Petition No. 14 of 1999 for certain modifications in the operative portion of the order dated 4.7.2007 accepting the compromise.

4. The Company Petition No. 14