PENTA SOFTWARE P LTD Vs. ASEEM KHERA

JUDGEMENT

(1.) This judgment shall dispose of plaintiff's suit for recovery of Rs.42.72 lakh along with pendente lite and future interest and a decree of specific performance in respect of 49,990 equity shares of M/s. Path Finder Info Services Pvt. Ltd. in favor of plaintiff No.1 and to deliver the original shares to the plaintiffs.

(2.) The brief facts to comprehend the disputes are that the plaintiff no.2 and the defendant no.1 conceived a project of an international call centre at Gurgaon, Haryana. The total cost of the project was Rs.35.00 crores/US$ 7 million. The defendant no.1 is a non-resident Indian settled in USA and the terms which were agreed between the parties were that plaintiff and defendant were to invest one million US dollars each in the project and 5 million US dollars were to be invested by the US Venture Capital fund to be arranged by the defendants. A company was to be incorporated in India and another company was to be incorporated in the United States. Indian company was to be wholly owned company of the US Company and the plaintiff and the defendants were to be equal partners in the US company.

(3.) The plaintiff contended that consequently M/s.Path Finder Info Services Pvt. Ltd was incorporated in Delhi and M/s.Path Finder Solution Incorporation was incorporated in the United States.