KOPASTIN HOLDINGS LIMITED Vs. UDAY BAHADUR AND ANR

JUDGEMENT

(1.) I A No. 10172/2018 (Exemption)

(2.) The disputes between the parties have arisen in relation to the Joint Venture Agreement executed between the appellant and respondent no. 1 on 03.03.2008 with respect to the respondent no. 2 company. It is the case of the appellant that in terms of the Joint Venture Agreement, the appellant was to invest in respondent no. 2 a sum of USD 5 million and respondent no. 1 was to invest USD 0.5 million. It is further submitted that in discharge of its obligation, the appellant invested a sum of Rs. 15,24,98,558/- in respondent no. 2 from the financial year 2007-08 to 2010-11, however, the respondent no. 1 failed to invest its part of the committed amount.

(3.) It is further alleged by the appellant that in terms of the Joint Venture Agreement, the Board of Directors of respondent no. 2 was to consist of Directors of which 3 were to be nominated by the appellant and 2 were to be nominated by respondent no. 1 and all decisions of the Board were to be taken by a majority. The appellant submits that with the money invested by the appellant, the respondent no. 2 purchased approximately 11 acres of land at Village Nistauli, Loni Road, Ghaziabad, UP. It is alleged that in April, 2008 the respondent no. 1 informed the appellant over emails that respondent no. 1 wished to enter into a Joint Development Agreement with one M/s Samiah International Builders Pvt. Ltd and thereafter, a Joint Development Agreement dated 05.05.2008 was also executed between respondent no. 2 and the said Company.