SHAAN ZAVERI Vs. GAUTAM SARABHAI PRIVATE LIMITED

JUDGEMENT

(1.) THE present Company Application has been filed, pursuant to the special resolution passed at the meeting dated 11. 02. 2009 of the contributories of Gautam Sarabhai Private Limited (the Company) for permanently staying the voluntary liquidation of the Company and there upon seeking discharge of the liquidators. The Company was in voluntary liquidation in terms of the special resolution passed at the meeting of its shareholders held on 20. 01. 1970. By the present application, the applicants also seek to revive and restart the Company in terms of the clauses of its Memorandum of Association and Articles of Association and to permit the shareholders of the Company to elect the members of the board of Directors.

(2.) THE Company was incorporated under the Indian Companies act VII of 1913 and was registered with the Registrar of Companies, bombay. The objects for which the Company was established have been stated in paragraph 3 of the application.

(3.) THE Company had in March 1947 purchased a immovable property at Mount Pleasant Road, Mumbai which was let out upto december 1950. Thereafter, the said immovable property was demolished and the area of the land was opened up. The land came to be leased to one Malabar Hill Cooperative Housing Society Limited (for short the society) for a period of about 21 years and 7 months. Initially the lease was fixed at Rs. 1333/- per month and from April 1954 the same was fixed at Rs. 4000/ -. The Society was to put up apartments on the open land and at the end of the lease period the land together with the superstructure was to be handed over to the Company. Though the superstructure came to be constructed, the Society paid rent to the company only upto July / August 1954.