M/S. UPBEAT TRADING PVT. LTD., Vs. M/S. MAJOR METALS LTD.
HIGH COURT OF BOMBAY
M/S. Upbeat Trading Pvt. Ltd.,
M/S. Major Metals Ltd.
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(1.) By this petition filed under Section 433 of the Companies Act, 1956, the petitioner seeks winding up of the respondent-company on the ground that the respondent is unable to pay its debts. The company petition was admitted and was heard finally. Some of the relevant facts for the purpose of deciding this petition are as under :-
(2.) The petitioner is a registered non-banking financial company and is in the business of lending and financing since last several years. It is the case of the petitioner that some time in the months of February and March, 2003, Mr. Vikas Berlia and Mr. Naresh Nopani, directors of the respondent-company approached petitioner and represented that the respondent was leading trading company and was intending to expand its area of operation. It is the case of the petitioner that the respondent lured for financial assistance on agreeing to pay interest on borrowed funds @18% p.a. The petitioner accordingly lent Rs.300 lakh during the period between 25th March 2003 to 1st March 2004 to the respondent repayable with interest @ 18% p.a. According to the petitioner, the loan advanced with interest by the respondent came to the tune of Rs.4,13,00,000/-. The petitioner has annexed a copy of the ledger account of the respondent-company for the financial years 2002- 03 to 2004-05. It is the case of the petitioner that the respondent paid agreed rate of interest @ 18% p.a. in the financial years 2002-03 to 2004-05 and lastly till 31st March 2006. The respondent did not pay any interest since 31st March 2007.
(3.) It is the case of the petitioner that the petitioner had orally as well as in writing had requested the respondent to remit the principal amount and interest accrued thereon. The petitioner was shocked and surprised to receive a communication dated 30th September 2006 from the respondent which was alleged to have been received by the petitioner in the month of February 2008 alleging that the Board of Directors of the respondent company had approved in their meeting dated 29th September 2006, allotment of 41300 equity shares of the respondent to the petitioner against unsecured loan of Rs.4,13,00,000/-.;
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