V.SREENIVAS Vs. M/S. FELEX ENTERPRISES

JUDGEMENT

(1.) Shorn of unnecessary details, the relevant facts for the purpose of adjudication of the present appeal required to be noted (as set out in the pleadings of parties) are that Lakshmi Cement & Ceramics Industries Ltd. (hereinafter referred to as the 'Lakshmi Industries') held a mining lease to mine Lime Stone, Dolomite and Manganese over a parcel of land ad - measuring 600 acres in survey Nos.9, 42, 43, 100 and 102 of Ittigehalli Village, Mathudo Hobli, Hosadurga Taluk, Chitradurga District, Karnataka.

(2.) On September 23, 2004 an agreement was entered into between Lakshmi Industries and V.Sreenivas (hereinafter referred to as the 'Sreenivas') whereby Lakshmi Industries agreed to transfer 200 acres out of 600 acres of aforesaid land for a sum of Rs.1,62,00,000/ - (Rupees One Crore Sixty Two Lakhs only).

(3.) However, the aforesaid agreement dated September 23, 2004 could not fructify since Sreenivas could not arrange the sale consideration.