V R MUZUMDAR Vs. MYSORE KIRLOSKAR LTD

JUDGEMENT

(1.) IN all these applications, common questions of law and that of fact arise for consideration. Hence, with the consent of the learned Counsel for the parties, the applications are clubbed, heard together and finally disposed of by this order. The reliefs, common in all these applications filed under Section 446 of the Companies Act, 1956 (for short the 'act'), are: (i) to call for the proceedings in the suits instituted by the applicants pending on the file of the Civil Judge (Sr. Dn.), Harihar, (ii) to direct the Official liquidator to execute and register the Sale-deeds in their favour in respect of the properties agreed to be conveyed. Alternatively, to permit the applicants to pursue the suits instituted by them and to stay the tender notification Annexure 'l' insofar as it relates to the schedule properties, subject-matter of agreements. In C. A. 481 and 482 of 2005, the applicants having not instituted Original Suits for specific performance of agreements have restricted the reliefs to a direction to the Official Liquidator to execute the sale deeds in respect of the properties, subject-matter of agreements of sale.

(2.) FACTS in brief are :

(3.) THE applicants assert that consequent to the Board resolution dated 30-9-2000, the company entered into separate agreements during the months of August and September, 2000 with the applicants, its employees, for sale of the quarters in their possession for a valuable consideration. In terms of the agreement, some of the applicants are said to have made payment of the entire sale consideration, while others have agreed to pay the balance amount, at the time of registration of the sale deed. In addition, it is stated that the company entered into separate agreements with other purchasers as regards the vacant land and sites. According to the applicants, the company did mop up an estimate Rs. 150 lakhs as sale consideration under the agreements of sale.