UNIVERSAL PLAST LIMITED Vs. SANTOSH KUMAR GUPTA

JUDGEMENT

(1.) The plaintiff is a public limited company. Earlier its name was Chowdhry Plast Ltd. The plaintiff owned 4,200 spindles with motors and accessories which were installed at 236, Industrial Area, Ludhiana.'By a resolution of the) plaintiff it was decided to sell these spindles at a price of Rs. 1,02,440.18. The defendant agreed to buy the same at this price. This was by letter dated 5th July, 1973 of the plaintiff to the defendant, which was agreed to by the defendant. This letter is Ex. P-4. Under this the defendant agreed to pay a sum of Rs. 10,0001- towards part payment and the balance amount of Rs, 92,440.18 he agreed to pay to the plaintiff by 30th September, 1973. This letter also recorded the fact that the possession of the spindles had already been delivered to the defendant. Then this letter also contained the following conditions :

(2.) On the pleadings of the parties the following issues were framed :-

(3.) There is a background as to how the spindles were agreed sold and delivery given to the defendant. The defendant his wife were having controlling shares of Chowdhry Plast These sares were sold to one Mr. A. K. Khaitan under agreement dated 27th December, 1972. Mr. A. K. Khaitan was for some time time a Director of Chowdhry Plast Ltd. This agreement has been marked 'X'. But, in view of the evidence on 3 record and also of the fact that this agreement has not been disputed, I will treat it as having been exhibited. Clause-6 of this agreement (EX.-X) would be relevant .-