AJAY PURNANAND CHITNIS Vs. DSC LIMITED

JUDGEMENT

(1.) This hearing is being conducted through hybrid mode.

(2.) The instant company petition has been instituted under Sec. 433(e) read with Ss. 434 and 439 of the Companies Act, 1956, seeking winding up of the respondent company - DSC Limited, predicated on the non-payment of an outstanding amount of Rs.35,82,552.90 along with interest payable @ 24% per annum.

(3.) Briefly stated, pursuant to an Offer Letter dtd. 5/8/2010, the petitioner herein was appointed by the respondent company to the designation of President P&E" vide Appointment Letter dtd. 15/9/2010. It is stated that the petitioner was appointed at a salary of Rs.7,50,000.00 per month and was further entitled to a sum of Rs.20,00,000.00 per annum, said amount being in the nature of a Performance Linked Incentive (PLI). Subsequently, the respondent company delayed/stopped the payment of monthly salary and incentives to the petitioner from 1/1/2012 and it is stated that the petitioner was ill-treated by the respondent company and its management. Owing to the same, the petitioner was compelled to tender his resignation vide letter dtd. 9/4/2012, which was accepted by the respondent company on 21/4/2012.