9911796707
TMI Blog1987 (3) TMI 443X X X X Extracts X X X X X X X X Extracts X X X X ..... pledged his fixed deposit receipt for Rs. 50,000 with the Karnataka State Financial Corporation as a collateral security for the loan advanced by that Corporation to the respondent company. He has further claimed that Rs. 1,000 invested by him in 10 shares is also liable to be refunded to him. Thus, he has made a total claim for Rs. 80,356.36. It is alleged that he was a director of the company till he resigned some time in late June or early July of the year 1986. As there were differences between him and other shareholders and directors, he got a notice issued demanding payment of Rs. 29,326.36 and that not having been paid, he has approached this court with the petition for winding up the respondent company as it is unable to pay its de ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... menced, the respondent company made available the minutes of the board meetings maintained in loose sheets of paper which was given for inspection of counsel for the petitioner as well as the petitioner himself. Petitioner denied that he had signed at the place his signature was found on the minutes of the meeting of the board of directors held on June 4, 1986. In that circumstance enquiry was commenced for ascertaining whether the signature was genuine or a forgery. The petitioner has examined himself in support of the allegations made in the petition. Briefly stated, his deposition is to the following effect: He was a director of the respondent-company. He admits that exhibit P-1 is the statement given by the respondent-company to him. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... other meetings, the petitioner resigned from his directorship. He also admits the liability to repay the sum of Rs. 29,000 odd but only after the lapse of two years from the date the company goes into production. He has stated in his evidence that the company is likely to go into production within about one month or two from the date on which he gave evidence which was on March 5, 1987. All that this court at this stage may determine on the pleadings and the evidence is whether the company has immediate liability to discharge its obligation to repay the amount. The board resolutions dated June 4, 1986, are as follows: "...2. Once the above proposal is materialised, Mr. P. K. Varghese has agreed to resign his directorship from M/s. J. T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... me going about issuing lawyer's notices which were not marked as exhibits in the course of recording of oral evidence, it cannot be said that the respondent has no tenable defence had he gone to the civil court. The tenability of the defence depends on the evidence led by the parties. If in this regard, no evidence is led to support the assertion that there was no agreement reached on June 4, 1986, in regard to the repayment in the manner indicated, then, it is likely that the respondent company would succeed in postponing its liability even if a suit was filed having regard to the fact that the present petition must be construed by this court as a petition filed to coerce the repayment of the amount which is not immediately due to be pai ..... X X X X Extracts X X X X X X X X Extracts X X X X
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