JUDGMENT

S.B. Sinha, J. —

1.Leave granted.

2.Tamilnad Mercantile Bank Ltd. (for short, “the Company”) was established by the Nadar Community. It is incorporated and registered under the Indian Companies Act, 1956. It carries on banking business inter alia in the State of Tamil Nadu. Members of the Appellant-Association hold a large number of shares in the company. For one reason or the other its Annual General Meetings could not be held for a number of years. By reason of an order dated 14th October, 2003, the Company Law Board directed that Annual General Meetings for the years 1996 to 2003 be held. Pursuant thereto meetings were held and some Directors were elected.

3.24th December, 2004 was the date fixed for holding of 82nd Annual General Meeting. Appellant, however, filed a suit which was registered as C.S. No.981 of 2004 in the High Court of Judicature at Madras in its ordinary original civil jurisdiction. Indisputably proceedings in contempt in respect of an order relating to the said suit came up for consideration before this Court in Civil Appeal No.3034 of 2006 and by an order dated 12th July, 2006 the matter was remitted to the High Court for consideration thereof afresh, ob