REGENT COMPUTRONICS PVT. LTD.

BHARAT OVERSEAS BANK LIMITED Appellant

V/S

SARITHA SYNTHETIC AND INDUSTRIES LTD.,ANAKAPALLY, SRIKAKULAM DIST. Respondents

Referred Judgements :-

SHATZADI BEGUM V. GIRDHARILAL [REFERRED TO]
NEW KERALA CHITS AND TRADES (PRIVATE) LTD. V. OFFICIAL LIQUIDATOR [REFERRED TO]
STATE BANK OF INDIA V. HEGDE AND GOLAY LTD. [REFERRED TO]
J.C. PAREKH V. DECCAN PAPER MILLS CO. LTD. [REFERRED TO]
HINDUSTAN DORR OLIVER LTD. V. A.K. MENON AND OTHERS [REFERRED TO]
ELECTRO FLAME LTD. V. MITTAL IRON FOUNDRY PVT. LTD. [REFERRED TO]
SMT. VIJAYALAKSHMI V. HARI HARA GINNING ANDPRESSING [REFERRED TO]
VIRAL FILAMENTS LTD. V. INDUSIND BANK LTD. [REFERRED TO]
J.N. ROY CHOWDHURY (TRADERS) P. LTD. V. JAINTI ENTERPRISES [REFERRED TO]
AMALGAMATED COMMERCIAL TRADERS (P) LTD. V. A.C.K. KRISHNASWAMI AND ANOTHER [REFERRED TO]
T. SRINIVASA V. FLEMING (INDIA) APOTHEKE PVT. LTD. [REFERRED TO]
KAMADENU ENTERPRISES V. VIVEK TEXTILE MILLS PVT. LTD. [REFERRED TO]
G. LOGANAYAKI V. MOOLANGUDI CHIT FUNDS PVT.LTD. [REFERRED TO]
A.M.P. ARUNACHALAM V. A.R. KRISHNAMURTHY [REFERRED TO]
DIVYA EXPORT ENTERPRISES V. PRODUCIN PRIVATE LTD. [REFERRED TO]
B.VISWANATHAN V. SESHASAYEE PAPER AND BOARDS LTD. [REFERRED TO]
FAZAL D. ALLANA V. MANGALDAS [REFERRED TO]
OFFICIAL ASSIGNEE V. MADHOLAL SINDHU [REFERRED TO]
BANGASRI ICE AND COLD STORAGE V. KALI CHARAN [REFERRED TO]
HOWRAH TRADING CO LIMITED VS. COMMISSIONER OF INCOME TAX CENTRAL CALCUTTA [REFERRED TO]
MADHUSUDAN GORDHANDAS AND COMPANY VS. MADHU WOOLLEN INDUSTRIES PRIVATE LIMITED [REFERRED TO]
HIND OVERSEAS PRIVATE LIMITED VS. RAGHUNATH PRASAD JHUNJHUNWALLA [REFERRED TO]
B O I FINANCE LIMITED VS. CUSTODIAN [REFERRED TO]
GARWARE CAPITAL MARKETS LIMITED VS. JAISWAL GRANITES LIMITED [REFERRED TO]
AIRWING PRIVATE LIMITED VS. VIKTORIYA AIR CARGO OMBH LANGER KORNWEG [REFERRED TO]
ARAVINDH STEEL PRIVATE LIMITED VS. TRICHY STEEL ROLLING MILLS LIMITED [REFERRED TO]

JUDGEMENT

(1.) The petitioner, namely M/s. Bharat Overseas Bank Limited, represented by its Manager, has filed this Company Petition under Section 433 (e) and 439 of the Companies Act, 1956 (for short 'the Companies Act') read with Rule 95 of the Companies (Court) Rules, 1959 for winding up of the respondent, namely M/s. Saritha Synthetic and Industries Limited, on the ground that it has become insolvent and is unable to pay its debts.

(2.) The factual matrix of the matter, lies in a very narrow compass, which runs thus:

(3.) On behalf of the respondent, its Manager (Legal) has filed counter. The respondent admitted the availment of loan sanctioned by the petitioner and their furnishing of personal guarantee of their Managing Director, corporate guarantee of M/s. Saritha Steel and Industries Limited, and pledge of 80.00 lakh shares of Rs. 10.00 each of the respondent held by M/s. Sri Vasavi Holdings and Investments Limited in eight share certificates in physical form as per the terms of sanction, towards security of the loan amount. It is stated that towards discharge of its liability, the petitioner got transferred the 80.00 lakh pledged shares of Rs. 10.00 each into its name in DEMAT form during April, 2002 and June, 2002. It is contended that at the time when transfer was effected, the face value of the share of Rs. 10.00 was Rs. 8.00, and as such, the respondent had paid to the petitioner an amount of Rs. 640.00 lakhs, which is far in excess of the amount due and liable to be paid by the respondent to the petitioner, and the petitioner itself is due and liable to pay to the petitioner an amount of Rs. 89,11,211/-. By reason of transfer of shares, the petitioner has become the major shareholder of the respondent, and the petitioner ceased to be the creditor of the respondent. Hence, the Company Petition is not maintainable, and is liable to be dismissed.

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BHARATH OVERSEAS BANK LIMITED BANGALORE Vs. SARITHA SYNTHETIC AND INDUSTRIES LIMITED ANAKAPALLY SRIKAKULAM DIST

Referred Judgements :-

JUDGEMENT

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