- (1.) Operation of the judgment of the High Court under appeal is stayed till the disposal of the appeal. Stay of the operation of the judgment hereby granted would not tantamount to acceptance or rejection of the judgment save and except that it requires examination by this Court.
(2.) The order made by this Court on July 31, 1984 regarding the interim arrangement and constitution of the board of directors will continue to be in operation till the disposal of the appeal. To be specific, the order dated July, 31, 1984 provides that so far as the directors who have been purported to have been removed at the Extraordinary General Meeting and also all those purported to have been elected in their place at the said meeting, they shall not function as directors of the company until further orders are passed by this Court.
(3.) So far as the board as newly constituted after the Annual General Meeting is concerned, all the members would function excluding those who have been purported to be removed by the resolutions of the Extraordinary General Meeting and those who have been purported to be elected at the same meeting. The newly constituted board will only transact routine business and shall not take any policy decision including any decisions directly or indirectly concerning the merits of this appeal pending in this Court or affecting it in any manner or grant registration of the transfer of shares involved in this appeal. The whole of the portion in invested concerns and the additional directions shall remain in force and operation as interim relief granted in this appeal.;