ANIL K. BODANI Vs. MANJU MEADOWS PVT.LTD

JUDGEMENT

(1.) This Appeal arises from an order passed by a learned Single Judge of this court on a report of the Court Receiver and a Notice of Motion moved by the Respondents (Original Defendants).

(2.) The Appellants (Original Plaintiffs) have filed the present suit, inter alia, for a declaration of their ownership of the equity shares of the First Respondent Company (Original Defendant No. 1) and the illegality of various resolutions passed at the Board of Directors Meeting of the First Respondent including resolutions for Appointment of some of the Respondents (Original Defendants Nos. 12, 13, 14 and 15) as directors of the First Respondent and allotment of shares of the First Respondent to Respondent No. 11 (Original Defendant No. 11). The Appellants claim to hold 99.96% of the equity capital of the First Respondent Company. The First Respondent is engaged in the business of live-stock farming and breeding and is the owner of about 101 acres of land at Village Shirgaon, Taluka Maval, District Pune where it has its stud farm. It is the case of the Appellants that Respondent No. 2 and his nominees are wrongfully seeking to retain control of the First Respondent and to that end have engaged in malpractices and illegalities which include illegal allotment of shares and appointments of directors, all of which are challenged in the suit.

(3.) Pending the hearing and final disposal of the suit, the Appellants, inter alia, applied for appointment of Court Receiver of all properties of the First Respondent including immovable property, movables and livestock/horses together with all statutory books, records, bank accounts, book debts etc. with power to hand them over to the Appellants. By his order dated 5 March 2004, a learned Single Judge allowed the Appellants' Notice of Motion by appointing the Court Receiver, High Court, Bombay as the Receiver of the property of the First Respondent as prayed for with directions to appoint the Appellants as Agent of the Receiver for the purpose of managing the stud farm on usual terms and conditions, excepting the conditions for payment of royalty and furnishing of security.