DANKHA DEVI AGARWAL Vs. TARA PROPERTIES PVT LIMITED

JUDGEMENT

(1.) DANKHA Devi Agarwal (since deceased) is the appellant in Civil Appeal No.1015/2000. She was the mother of Bhagirath Agarwal (respondent No.2 in the appeal) and Smt. Leela Agarwal (respondent No.3) is the wife of the respondent No.2. Tara Properties Private Limited and three others are the appellants in Civil Appeal No.6535/2004. It may be mentioned that the appellant in this appeal is the respondent No.1 in the earlier appeal and respondent No.1 in this appeal is also the respondent No.2. in the earlier appeal and the other parties are common.

(2.) SINCE the two appeals arise out of the same set of facts between the same parties, they have been taken up together for hearing and disposal and are being disposed of by this common judgment.

(3.) ON discovery of the aforesaid facts and other irregularities alleged to have been committed by Bhagirath Agarwal, the Board of Directors decided to issue a balance of 1960 equity shares out of the authorized share capital which had remained unsubscribed at the meeting of the Board of Directors held on 20th October, 1989. The Company decided to allot 1500 shares out of the said 1960 equity shares to Tara Chand Agarwal and to allot the remaining 450 shares to his younger son, Chandra Prakash Agarwal.