Arijit Pasayat, J. - (1.) Leave granted in SLP (C) Nos. 22724 of 2004 and 5071 of 2005.
(2.) These appeals have a common matrix. By the impugned judgment rendered by a Division Bench of the Madras High Court three appeals were disposed of. Writ Appeal No.761 of 1992 was against order dated 22-7-91 passed in Writ Petition No.11956 of 1987 passed by a learned Single Judge, while Writ Appeal No.760 of 1997 was against the order dated 24-2-1997 in Writ Petition No.1063 of 1988 passed by a learned Single Judge. The third appeal before the Division Bench was Contempt Appeal No.13 of 1992 directed against order dated 11-12-1992 in Contempt Application No.336 of 1992 passed by learned Single Judge.
(3.) Factual background as highlighted by the appellant-Management of Mettur Beardsell Ltd. is as follows : Mettur Beardsell Ltd. started business in 1936 and conducted operations successfully till 1970, when it faced financial problems. On 19-5-1977 a Resolution was passed to hive off its textile operation by entrusting it to its wholly owned subsidiary which was to be formed. In fact on 19-12-1981, Mettur Textile Pvt. Ltd. was formed. On 21-6-1982 at the Annual General Meeting of Mettur Beardsell Ltd. shareholders authorized entering into of an arrangement on behalf of Mettur Beardsell Ltd. and Mettur Textile Pvt. Ltd. For the sake of convenience they are described as Beardsell and Textile hereinafter.;