DAULAT MAKANMAL LUTHRIA Vs. SOLITAIRE HOTELS PVT LTD

JUDGEMENT

(1.) THE petitioner in Company Petition No. 2-S of 1991 has come up in appeal against the judgment of the learned single judge dated 14-8-1991 by which his petition under sections 433 and 434 of the Companies Act, 1956, for an order of winding up of the company, Messrs. Solitaire Hotels Pvt. Ltd. , has been dismissed.

(2.) THE company was incorporated in 1985. The main object was the running of a hotel and allied activities. The capital structure disclosed an authorised share capital of 50,000 equity shares of rs. 100 each and 5,000 preference shares of Rs. 100 each. Initially conceived as a three-star hotel with 38 rooms, it later underwent a change in conception with extended accommodation of 50 rooms and additional facilities like a swimming pool. At the time of filing of the petition in february, 1991, the construction was complete and the commercial activity was at a take off stage.

(3.) THE petitioner, an estate broker and financier, was attracted to the company some time in 1988 by the representations of respondent No. 2 who, according to him, has functioned as his chartered accountant from about 1984. He invested about rupees eight lakhs in the company. His calculation was that he would thereby obtain a one-third share along with respondents Nos. 2 and 3 (referred to as "the Naik group") and respondents Nos. 4 and 5 (referred to as "the Khandawala group" ).