- (1.) Instant company petition has been filed u/ss 433 & 434 of Companies Act, 1956 ('Co. Act') read with R.95 of Companies (Court) Rules, 1959 seeking winding up of M/s Channel 99-Media Network (P.) Ltd. ('respondent-Co.').
(2.) As alleged, respondent-Co. Was incorporated on 02/05/2008 with the Registrar of Companies, Rajasthan and as per its memorandum & Article of Association of the Company, main objects to be pursued on its incorporation inter alia are to entertain and inform the people of Rajasthan State and rest of India through television broadcasting of authentic local culture & exhaustive, upto date news and current affairs; and to carry on business to establish, run, produce, promote, purchase, construct, manage TV channels, cinematography theatres, for hiring out or exhibiting cinema films or for staging drama, dances, musical & other advantageous programmes from time to time. It has been averred that respondent-Co. approached petitioner-Co. to provide internet & telecommunication & services, and uplinking services to broadcasters of television channels. Respondent-Co. being a broadcaster placed a purchase/customer order for a DGE circuit, a Fibre Link from the office at M/s Channel 99 Media Network (P.) Ltd. to Tata Communications Ltd. (Petitioner-Co.) for a capacity of 4.0 Mbps for a period of one year and the said link/circuit was delivered as per terms & conditions of the said order on 09/04/2009. Petitioner-Co. also provided ILL (Internet) circuit for a capacity of 2 Mbps since 15/04/2009 and ILL (Internet) circuit for a capacity of 1.5 Mbps since 29/01/ 2010; but payments, as alleged, in terms of their invoices sent from time to time, were not made.
(3.) However, both the parties (petitioner & respondent-Cos.) entered into a memorandum of settlement (Ann.8) on 15/03/2010 and finally it was agreed that respondent-Co. would make payment of a total sum of Rs. 55,18,905 /- (Fifty five lacs Eighteen thousands Nine Hundred & Five only) to petitioner-Co. (Tata) as per payment schedule (Ann.A), which discloses that 12 post-dated cheques (Union Bank of India) each of Rs. 4,59,908/- payable on 5th of each month commencing from April, 2010 till March 2011 were handed over to petitioner Co. (Tata). It has been averred that when four cheques were presented but returned by Union Bank of India with the endorsement for want of sufficient funds in Bank account of respondent-Co. and after four post-dated cheques on being presented were dishonoured, as informed by the Bank that the respondent-Co. instructed its Bank not to make payments against post-dated cheques referred to in schedule of payment (Ann.A).;