criminal misappropriation of the investors’ money. As a result, the foreign investors were compelled to approach the Company Law Board, Additional Principal Bench, Chennai, by filing company petitions complaining of oppression, mismanagement, and misappropriation. After a detailed hearing, the Company Law Board, by its order dated 13.08.2008, held that Palanisamy had misappropriated the investors’ money and directed that Rs.75 crores and Rs.4 crores, representing the investments of ORE Holdings and Mr.Athappan respectively, be returned to them with 8% simple interest from the date of investment. It was also ordered that, if the payment was not made, the immovable properties of Vasantha Mills Limited should be conveyed to the investors in part satisfaction of their claim. This order was later sought to be modified, but the essential directions to repay the foreign investors were never altered. The foreign investors challenged certain aspects of the modification before a Division Bench of this Court, and by judgment dated 05.08.2011, the Division Bench restored and confirmed the original order dated 13.08.2008. The Division Bench observed that if control of the company was returned to Palanisamy, he would once again divert the funds and defeat the investors’ rights. Thus, the order dated 13.08.2008 became final and was executed through Execution Petitions Nos.35 and 36 of 2011. By a final order dated 31.12.2015, the Company Law Board declared the foreign investors as the beneficial owners
