N.VIJAYAKUMAR Vs. BUSINESS INDIA BUILDERS

JUDGEMENT

(1.) A conjoint effort to complete a half constructed multi storied apartment complex in the heart of Ernakulam Town meets opposition from a few disgruntled. Nevertheless the effort backed by a Compromise Scheme is lauded and approved in the larger interest of the public who include depositors.

(2.) Three Company Petitions were originally filed to wind up three companies by one of its erstwhile Directors under Sections 433(d) and (f) of the Companies Act, 1956 ('the Act 1 for short) and the details are as follows:-

(3.) The then Chairman of the Builder Mr. M.G. John initially signed an agreement with the Proposer on 30.10.2007 in his personal capacity and ratified it on behalf of the Company by a supplementary agreement dated 16.02.2009. The salient features of the agreement are as follows:-