RAMAN MENON Vs. SAW MILLS AND INDUSTRIES LTD

JUDGEMENT

(1.) The defendant is the appellant and the appeal arises out of a suit filed by the plaintiff for recovery of Rs. 10,631.52 and future interest thereon from the defendant on the ground of misappropriation.

(2.) The plaintiff is a public limited company registered under the Companies Act having its registered office at Trichur. The Managing Agents of the plaintiff from 1946 to 1st June 1960 was M/s Udaya Agencies (Private) Limited. Ext. D12 (a) is the managing agency agreement. The defendant who was the director in charge of Udaya Agencies was during the currency of Ext. D12(a) an ex officio director in the plaintiff company.

(3.) There was an attempt to wind up the plaintiff company in Company Petition No. 7 of 1960 on the file of this Court. A receiver was appointed to manage the company on 6-3-1961 during the pendency of the winding up petition. The winding up petition was dismissed on 10-1-1961 and the Board of Directors of the plaintiff company assumed charge of the administration of the company from the receiver on 6-3-1961. Ext. D3 resolution dated 14-8-1958 was passed in the general meeting of the plaintiff company. The said resolution reads: