- (1.) Leave granted.
(2.) The brief facts leading to this appeal are as follows. The first respondent. North India Petrochemicals Limited (hereinafter referred to as 'nipl') filed a Winding-up petition (Company Petition No. 1 of 1993 before the High court of Allahabad, Lucknow fiench, lucknow under S. 433, 434 and 439 of the Companies Act, 1956 (hereinafter referred to as 'the Act').
(3.) On 1/07/1988 a Shareholders' Agreement or Promoters Agreement was entered into. That superseded earlier agreements which recorded that the grant of a Letter of Intent for the manufacture of 15,000. 00 tonnes per annum of Phthalic Anhydride in favour of the appellant-corporation. However, the said Letter of Intent was to be used, utilised and implemented in collaboration with M/s Dalmia Dairy Industries Limited (Respondent 2 herein). The collaboration agreement or the promoters agreement contemplated that a new company would be brought into existence called the Northern India Petrochemicals Limited. Clause 3 of the agreement provided that initial authorised capital would be Rs. 5 lakhs which would be issued in equity shares of Rs. 10 each while the subscribed capital of the company would be such as would be decided by the Board of Directors of the Company from time to time.;