S.Vijayaraghavan, Member - (1.) The petitioner is Dr.P.Rajagopalan, Son of Parthasarathy, aged about 86 years and residing at Chennai. Particulars of the Respondents: The first respondent is M/s.Aidees Electronics Pvt. Ltd. a Company Registered under the Companies Act, 1956 having office at No.456, R.K.Shanmugarn Salai, K.K.Nagar, Chennai- 600 078. The second respondent is Ms.Shankunthala Gopalan, Director of M/s.Aidees Electronics Pvt. Ltd. residing at Chennai. The third respondent is Ms. Aarthi Gopalan, Director: M/sAidees Electronics Pvt. Ltd. residingat Chennai. The fourth respondent is M/s.SP Engineers Auto Tech Pvt. Ltd. Company registered under the Companies Act 1956, at No.456, R.K.Shanmugam Salai, K.K.Nagar, Chennai - 600 078. The petitioner submitted as follows: The First Respondent is a Company registered under the provisions of Companies Act 1956. The Company was promoted and incorporated by one Mr.P.Gopalan and it was basically a family concern consisting of the above said Mr.P.Gopalan, his two brothers along with their father who were the original subscribers. The said Mr.P.Gopalan was the Managing Director of the Company and the Company was formed for the purpose of carrying on the business of manufacture, distribution and trade of Electronics systems and units.
(2.) The 1 Respondent Company got allotment of an Industrial Plot from the Government to set up its own manufacturing unit to manufacture Electronic systems in the Electrical Industrial Estate at Kakkalur. Though the company. could obtain the industrial Plots for constructing the manufacturing unit thereon, it did not have sufficient funds for the same. st
(3.) The 1 Respondent company was not doing well and hence did not have sufficient funds to construct the factory in the subject plots. In 2007, the 1 Respondent Company received a notice from the Government of Tamil Nadu warning that if the factory was not constructed on the subject plots within one year, the assignment of plots to the company would st be cancelled. Hence, the then Managing Director of the 1 Respondent Company, Mr. P.Gopalan was looking for funds. In that context, he approached the Petitioner, who was his relative and sought financial assistance in addition to the financial assistance for a sum of Rs.6,50,000/- (Rs. Six Lakhs and Fifty Thousand Only) extended to him by the Petitioner in 2003 because the first Respondent Company was facing financial crisis.;