VIJENDRA SINGH CHAUHAN Vs. PARSVNATH DEVELOPERS LTD

JUDGEMENT

(1.) The Petitioner, Captain Vijender Singh Chauhan who was working as Senior General Manager-Projects of the Respondent company, Parsvnath Developers Limited ('PDL'), seeks its winding up in this petition under Section 433(e) read with Sections 434 and 439 of the Companies Act, 1956 ('Act') on the ground of the inability of PDL to pay the debt owing to him.

(2.) By a letter dated 28th March 2008, the Petitioner was appointed to the above post with total emoluments of Rs.1,92,333 per month i.e. basic pay Rs.1,28,000 and HRA Rs.64,333 per month besides medical benefits, car with driver, mobile phone and other benefits and perks as applicable to an officer of an equal rank.

(3.) There was a reduction of the Petitioner's salary from November 2008 to Rs.1,56,247 per month by a letter dated 21st November 2008. According to PDL the Petitioner consented to this re-fixation without any protest at that time.