GOLD DEVELOPERS PRIVATE LTD Vs. K. N. SHUKLA

JUDGEMENT

(1.) ARGUMENTS have been heard in the suit. . The defendants no. 1 and 2 entered appearance but did not file their reply in spite of opportunity and have not appeared thereafter, they were proceeded ex parte by order dated 26.02.2013. Defendant no. 3 to 5 are supporting the plaintiff, thus were directed to not file a written statement by the abovementioned Order. The present suit has been filed by the plaintiff seeking the relief of Declaration and permanent injunction against the Defendant no. 1 and 2.

(2.) THE plaintiff contends that, it is a company incorporated under the provisions of Companies Act, 1956 and is engaged in the business of development of properties, hotel resorts and residential and commercial establishments. The plaintiff states that during the pendency of the suit the name of the company has been changed from "Gold Developers Pvt. Ltd." to "Experion Developers Pvt. Ltd." The plaintiff contends that the plaintiff concern is a wholly owned subsidiary of M/s Experion Holdings PTE Ltd. (earlier known as Gold Hotels & Resorts PTE Ltd.), a Singapore Company, engaged in the business of development of properties, hotel resorts, residential and commercial establishments. The plaintiff further contends that its paid up share capital is Rs. 90,29,960/ Rs. 1,35,65,130 divided into 9,02,996/ 13,56,513 equity shares of Rs. 10/ - each. The distribution of shareholding is:

(3.) IT is further contended that Defendant No. 1 was a director of the plaintiff concern till 06.12.2010, while both Defendant no. 1 & 2 were the directors of Defendant No. 3 till 15.02.2011. Defendant no. 1 & 2 were erstwhile shareholders in defendant no. 3, but subsequently, they sold their entire shareholding to the plaintiff company and they ceased to be the directors of Defendant no. 3 since 15.02.2011. At present Defendant no. 4 and 5 are the directors of Defendant no.3 alongwith two other directors.