9911796707
TMI Blog2013 (10) TMI 1253X X X X Extracts X X X X X X X X Extracts X X X X ..... cial Corporation Act, 1951. Sometime in April, 1996, the Respondent No.1 - M/s. Zullu Security (India) Pvt. Ltd. offered its services to the Appellant for providing security for the units taken over by the Appellant. On 19th April, 1996, an agreement was entered into between the Appellant and the Respondent No.1 for the aforesaid purpose. After execution of the said agreement, the Appellant vide its letter dated 9.5.1996 requested the Respondent No.1 to provide security guards with effect from 10.5.1996 in respect of two units, i.e., M/s. India Insulator Ltd., Fatehpur and M/s. Manjusha Glass Works (P) Ltd., Distt. Fatehpur. Alongwith the said letter, inventories of the assets of the said units were handed over by the Appellant to the Respo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t on 1.2.1995. 3. It is the case of the Appellant that on 10.5.1996, the Respondent No.1 was appointed as security agency in place of Taiba Security Services and a copy of the inventory prepared by the Appellant on 14.6.1994 was given to the Respondent No.1, which was acknowledged by it. Thereafter, sometime in 1998, the official liquidator was directed by the Company Court to evaluate the assets of the company in order to invite bids for the sale of the said assets. Accordingly, an inspection was carried out by a Valuer appointed for the aforesaid purpose of the plant, machinery, furniture and fittings of the company along with the officials of the Appellant and the Respondent Nos.1 and 2. A valuation report was filed by the Valuer on 31. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e of security and as such they were not liable to pay any amount to the Appellant. Thereafter, the Respondent No.1 filed an application, being C.A. No.1288/2004 before the Company Court seeking direction, restraining the Appellant from recovering the amount of Rs. 13.92 lacs (the figure reached after depreciating the value of the missing assets) and directions to the official liquidator to visit the unit and prepare the list of assets and machines. By an order dated 23.11.2004, the Court appointed a Local Commissioner for on-the-spot verification of the items, who submitted his report on 6.3.2005. On 8.8.2005, the Company Court, on the basis of the report of the Local Commissioner, formed an opinion that the theft, if any, which had taken p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... spondent No.1, i.e., M/s. Zullu Security (India) Pvt. Ltd. provided for the preparation of an inventory of items and assets to be prepared by the officers of the Appellant in the presence of the representative of the Respondent No.1. For the sake of ready reference, the relevant clause, being Clause 3 of the Agreement, is reproduced hereunder:- "3. At the time of posting the security guards at the guarded premises, an inventory of items and assets available therein shall be prepared by the officers of the Second Party in the presence of the representative of the first party and a copy thereof shall be handed over to and shall be kept in the custody of the first party and the security guards posted at such premises for inspection/re-checkin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lf stipulated that an inventory would be prepared of the articles lying at the factory site in the presence of the representative of the Respondent No.1. Admittedly, such exercise was never performed and the Appellant cannot be allowed to take advantage of this breach committed by the Appellant itself. 10. We also see no infirmity in the order of the learned Single Judge. It is noted in the order that the list of missing items, which was prepared on 19th September, 2003, was made after comparing with the inventory prepared in the year 1994 when the O.L. had taken possession of the factory premises on his appointment as the provisional liquidator. It is further noted that admittedly, from 1994 to 1996 some other security agency was deployed ..... X X X X Extracts X X X X X X X X Extracts X X X X
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