K. BALASUBRAMANIAN Vs. R PADMA

JUDGEMENT

(1.) THIS order shall dispose of A.Nos.2215, 2887, 2888 and 3842 of 2012, as the common question of fact and law are involved in all these applications.

(2.) THE plaintiffs/non applicants have filed a suit for declaration declaring that the pledge of the 900 shares belonging to the plaintiffs 2, 3, 5 to 11 in favour of M/s.Custodial Services India (P) Ltd., defendant No.2, stands discharged and consequently, direct the defendant No.2 to return the 900 shares pledged by the plaintiffs 2, 3, 5 to 11. The alternative relief is to declare that the transfer of 900 shares belonging to the plaintiffs 2, 3, 5 to 11 by the defendant No.2 is null and void and not binding on the plaintiffs.

(3.) M /s.Citrex Products Ltd., the plaintiff No.1 in response to the advertisement issued by M/s.Tamil Nadu Industrial Investment Corporation Ltd.(hereinafter referred to as "TIIC") participated in an auction on 25.9.1992 to purchase properties as detailed in A schedule to the plaint together with Plant and machineries and buildings. The plaintiff offered Rs.80 lakhs, since TIIC was not satisfied with the offers received, the properties were re-auctioned on 5.2.1993. The plaintiff No.1 again offered highest bid of Rs.108 lakhs on deferred payment. The bid was accepted and plaintiff company paid a sum of Rs.27 lakhs representing 25% of the bid amount. A deed of sale was registered on 28.7.1993.