METTUR BEARDSELL LTD Vs. CENTRAL BANK OF INDIA

JUDGEMENT

(1.) THE unsuccessful plaintiff is the appellant.

(2.) THE suit in C. S. No. 774 of 1986 was filed by the appellant herein against the respondents for the relief of direction, directing the Respondents/defendants to pay a sum of Rs. 49,80,000/- with interest at the rate of 24% per annum on Rs. 30 laks/- and for costs.

(3.) THE facts briefly stated are as follows:-The plaintiff averred that it has been carrying on diverse business involving trading and manufacturing operations for several years and one of its activities is manufacture of textiles and thread. In the shareholders meeting held on 21. 2. 1977, it has been decided to form a subsidiary company under the name and style of "mettur Textiles Private Limited" (Second Respondent/second Defendant)to carry on textiles limited operations hitherto carried on by the plaintiffs.