MAKALU IMPEX PVT LTD Vs. VIVEK NAGPAL

JUDGEMENT

(1.) IA No.11181/2001(u/O XXXVII R.3(5) CPC) The plaintiff has filed a suit for recovery of Rs 46,70,470/- under the provisions of Order XXXVII of the Code of Civil Procedure, 1908 (hereinafter referred to as the 'Code').

(2.) The plaintiff is a company incorporated and registered under the Companies Act, 1956. It is the case of the plaintiff that on 09.07.1997 defendant came to the office of Mr. R.C.Kapoor, charted accountant and requested the plaintiff through its Manager Rohit Bahl to advance a sum of Rs 25 lakh as loan. The plaintiff wanted collateral security and the defendant in view of the same surrendered 1,13,000 shares bearing distinctive numbers from 020082703-020195702 of M/s Padmini Polymers Ltd. The defendant is further stated to have given additional 29,000 shares bearing distinctive numbers from 020195703-020224702 of the same company towards the margin money for performance of the said agreement as prevalent in the market. On surrender of the said shares, the sum of Rs 25,00,000 was advanced to the defendant and sale confirmation was executed.

(3.) It is stated that the defendant approached the plaintiff for execution of an agreement for repurchase of both the set of shares on 06.10.1997 and an agreement was executed being the purchase agreement.