1. In this case, petition has been filed with the prayer to direct the respondent-company to redeem the redeemable preference shares of the petitioners in accordance with the order dated 14th July, 1997 passed by this hon'ble Board and pay to the petitioners a sum of Rs. 18,35,000. Precisely speaking, the petitioners were allotted on 8th October, 1984 the following redeemable preference shares having a dividend of 4 per cent with maturity of 12 years of the respondent-company :

Apart from the aforesaid redeemable preference shares, the petitioners are the owners of equity and redeemable preference shares of the respondent-company and these shares were issued on different dates and are not the subject-matter of the petition. However, it is a fact that above-mentioned redeemable preference shares of the petitioners were due for redemption on 7th October, 1996.) Instead of redeeming the redeemable preference shares on its due date, the respondent