ANAND FINANCE PRIVATE LTD Vs. R.P. ANAND

JUDGEMENT

(1.) WITH this judgment curtains will hopefully be drawn on one of the earliest cases of this High Court, fifty seven years after its commencement.

(2.) THE main petition, Co. Petition No. 34 D of 1966, was filed praying for the winding up of Anand Finance Private Limited ('AFPL'), a company incorporated in 1953 by Mr. G.M. Anand. After the death of Mr. G.M. Anand, his eldest son Mr. R.L. Anand became its Managing Director ('MD'). The head office of AFPL was at New Delhi. There was a branch office in Bombay which was looked after by Mr. R.P. Anand, the brother of Mr. R.L. Anand. It was stated that for every purchase of property, whether it was movable or immovable asset, resolutions had to be passed by AFPL prior to and after the event.

(3.) ON 17th September 1964 LCHS executed a sale deed in favour of 17 purchasers including Mr. R.P. Anand in respect of the land at Versova for a sum of Rs. 2,93,975 which included Rs. 30,000 already paid to the LCHS by 17 purchasers as earnest money. On the same date M/s. Ambabhai Diwanji, Solicitors acknowledged receipt for Rs. 1,10,000 from Mr. R.P. Anand towards sale consideration and another receipt was executed by them a sum of Rs. 14,000 towards expenses. The possession of the said land was handed over to the purchasers on that date.