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TMI Blog2013 (10) TMI 178X X X X Extracts X X X X X X X X Extracts X X X X ..... aken by surprise - having regard to this object and with a view to ensuring a fair trial, however, a pedantic approach should not be adopted to defeat justice or hair-splitting technicalities - It was further held that undue emphasis on the form, sacrificing the substance of the dispute, should be avoided - It was another matter that there was no merit – the company petition was dismissed as not maintainable against the respondent. Lifting of Corporate Veil – Held that:- It would be improper and unsafe to draw the conclusion, merely from the statement of the General Manager (Marketing) of Infrastructure, that both the companies were one and the same - It must be remembered that it was not uncommon or unusual for businessmen to form separ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erms in detail and suffice to note that the cheque pursuant to the term sheet was to be drawn in favour of Century 21 Town Planners Pvt. Ltd., Indore A/c , hereinafter referred to as Town Planners , which was a company belonging to the same group as the respondent and was its marketing arm. The term sheet was signed by Piramyd Retail Ltd. and by Town Planners. It was not signed by the respondent, i.e., Infrastructure. It is to be noted that the name of the developer, as per the term sheet, was Infrastructure. 4. On the day when the term sheet was signed, the petitioner issued a cheque for Rs. 7,00,312 as interest-free refundable security deposit; the cheque was drawn in favour of Town Planners, the marketing arm of the respondent (i.e., ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... -2007 till 3-11-2009, which amounted to Rs. 11,18,416/-. No reply was received from the respondent. The petitioner thereupon filed the present petition in April, 2010. 7. It was contended on behalf of the petitioner that since the respondent was unable and neglected to repay the debt, it should be wound up. A preliminary objection was raised on behalf of the respondent to the effect that since the cheque was drawn by the petitioner in favour of Town Planners, the present petition against Infrastructure was not maintainable. It was submitted that the respondent did not receive any deposit from the petitioner and therefore the provisions of sections 433(e)/434(1)(a) of the Act were not applicable in its case. It was also pointed out that th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... can legitimately form the basis of this argument (that the two companies are in reality one). It was further submitted that the respondent has not adequately dealt with this point in its reply. 9. The learned counsel for the petitioner cited Castrol Ltd. Vs. Admiral Shipping Ltd. (2006) 132 Comp. Cas. 241 (Bom.) and Cravatex Ltd. Ors. Vs. Vitta Mazda Ltd. Ors. (2001) 103 Comp. Cas. 189 (Guj.), in support of his arguments, whereas the learned counsel for the respondent cited Punjab State Industrial Development Corporation Ltd. v. PNFC Karamchari Sangh and Another (2006) 4 SCC 367. 10. The only basis for the argument of the learned counsel for the petitioner is the fact that Town Planners is the marketing arm of the respondent and the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... here is no other material to which my attention was drawn to hold that the corporate veil must be lifted and I should see Infrastructure through the prism of Town Planners or vice versa. 11. Though the submission of the learned counsel for the respondent that this is a new point raised by the petitioner, not in the pleadings, but only in the course of the arguments and that too after being confronted with the preliminary objection is not without force, I have still permitted the petitioner to raise the point and have examined the facts stated in paragraph 9(c) of the petition which refers to the e-mail as the basis for the argument that both the companies are one and the same. This is because of the judgment of the Supreme Court in Ram Sa ..... X X X X Extracts X X X X X X X X Extracts X X X X
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