CENTURY GALAXY DEVELOPMENT LIMITED Vs. SATISH GARG

JUDGEMENT

(1.) These appeals under Sec. 483 of the Companies Act, 1956 (hereinafter referred to as 'the Act' for short) arise out of an order dtd. 28/8/2013 passed by the learned Company Judge on a petition under Sec. 433(f) of the Act filed by the shareholders of the company. OSA No.12/2013 has been filed by the company, whereas, OSA No.17/2013 has been filed by shareholders of the company.

(2.) Facts giving rise to filing of these appeals briefly stated are that Century Galaxy Development Limited (hereinafter referred to as 'the Company' for short) is a company incorporated under the Act for the purposes of infrastructure development, more particularly, building of flats, office spaces, commercial complexes and to sell, rent or allot the same to its members.

(3.) The company under a deed of transfer dtd. 23/3/1998 obtained title in respect of lands situate at Kodihalli Village, Bangalore. The company formulated a scheme and developed the aforesaid property into multi storied residential and commercial complexes. Under the scheme, any person intending to acquire a residential or commercial unit in the complex are required to obtain two equity shares of Rs.10.00 each per square foot of super built up area and 400 equity shares of Rs.10.00 each per car parking space. The scheme provided that residential or commercial units could be allotted in the form of distinctive number of shares and the ownership of the land as well as super structure always remain vested with the appellant. The respondents in OSA No.12/2013 (hereinafter referred to as 'the shareholders' for short), were allotted apartments in the complex owned by the company.