1. Shri Ganpat Ram Singhal (Respondent No. 2) is the father of Pawan Singhal (Respondent No. 3), Vilas Gupta (Petitioner No. 1) and Kishan Gupta (Petitioner No. 2), Vilas Gupta being the eldest. Vilas Gupta and Kishan Gupta with their family members, filed Company Petition No. 31/2007 on 28.3.2007 before the Company Law Board, New Delhi, alleging acts of oppression and mismanagement in Taurus India Ltd (henceforth the Company) by G.R. Singhal (R-2), Pawan Singhai (R-3) and Others. During the pendency of the company Petition, on 1.5.2007 a joint application (CA 157/2007) was filed by the Vikas Gupta group and Pawan Singhal Group for withdrawal or the Company Petition No. 31/2007 stating in para 2, 3 & 4 as under:

"2. That in the meantime, all the parties before the Hon'ble Bench in Company Petition No. 31 have decided to settle all their disputes and differences amicably and have arrived at a comprehensive Memorandum of Family Settlement on 28.4.2007. A copy of the said Memorandum of Family Settlement dated 28.4.2007 is annexed hereto and marked as Annexure-A.

3. That pursuant to the above memorandum of Family Settlement between the parties, the parties have agreed, inter alia, t