RAKESH MAYOR Vs. VIGNESHWARA DEVELOPERS PVT LTD

JUDGEMENT

(1.) The present suit has been filed by the plaintiffs under Order XXXVII CPC for recovery of a sum of Rs.95,48,687.50/- along with interest @ 18% p.a. against the defendants.

(2.) Brief facts of the case as stated in the plaint are that the defendant No.1 is a private limited company and defendant No.2 and 3 are the directors of the defendant No.1 who are responsible for managing the affairs of the defendant No.1.

(3.) It is stated that defendant No.1 was allotted a land area of 10 acres on Industrial Model Township (IMT), Manesar, Gurgaon for development of Information Technology Park (IT Park) to promote IT, ITES, communication technology, biotechnology and nanotechnology and other frontier technologies. Subsequently, the defendants invited investors from general public, through advertisements in newspaper and through other advertising mediums (namely Project Brochures, etc), to invest and/or buy space in above referred project.