KUMAR SECURITIES LIMITED Vs. STICKWELL FASHIONS LIMITED

JUDGEMENT

(1.) The petitioner has filed this petition under Sections 433, 434(e) and 439 of the Companies Act, 1956 for winding up of the respondent Company.

(2.) It is submitted by the learned Counsel for the petitioner that the petitioner Company consists of Chartered Accounts who have specialised in Financial Consultancy. It is alleged in the petition that the respondent contacted the petitioner for M/s. CRB Markets Ltd. It was agreed that the petitioner shall be entitled to a brokerage at the rate of Re. 0.50 per share on the deal amount. It is further alleged that the deal was clinched between the respondent Company and M/s. CRB Capital Markets Ltd. Thereafter, the petitioner had sent a bill towards the brokerage for Rs. 9,15,625.00 being the agreed amount, as charges for bought out deal of the 18,31,250 shares of the respondent with M/s. CRB Capital Markets Ltd.

(3.) It is further alleged that the respondent requested the petitioner to reduce the bill and the petitioner agreed to charge 2% as against Re. 0.50 per share of the deal amount. It is also alleged that on that basis, the petitioner became entitled to Rs. 4,98,100.00 being 2% of Rs. 249.05 lakhs received by the respondent-Company.