Judgment

Rajendra Babu, J.—These two sets of criminal appeals arise out of two criminal cases filed against Respondents Nos. 1 to 6 and the fall out thereof unfolding against currents and cross currents of political vicissitudes. Facts leading to these appeals are as under:

2. The Government of Tamil Nadu formed a Tamil Nadu Small Industries Corporation Limited (for short ‘TANSI ). It was registered under the Companies Act, 1956 as a Government Company. The entire shares, namely, 100 of the shares of the said Corporation, were held by the government. In the Memorandum of Association it is stated that the said company is formed ‘to take over from the Government of Tamil Nadu any of their production and/or servicing units/with the rights and liabilities of the Government of Tamil Nadu so far as they relate to such units . Article 72 of Articles of Association empowers the Government to appoint all the Directors with the power to remove any Director from time to time. Article 79 empowers the Government to appoint and remove the Managing Director. Similarly Government can also appoint a Chairman and Vice-Chairman of the Board. The Chairman can reserve for the approval of the Government