CAPT B S DEMAGRY Vs. VIF AIRWAYS LTD

JUDGEMENT

(1.) This is an application under Section 433(A) of the Companies Act for winding up of the respondent-company.

(2.) It is an admitted fact that the petitioners were appointed as trainees/captains on stipend of Rs.25,000.00 each. They had executed separate agreements. It was stated that on being appointed as regular captains they would be paid total emoluments per month of Rs.40,000.00. Later it was enhanced to Rs.60,000.00 per month vide letter dated 26-12-1995.

(3.) According to the petitioners their salary was paid irregularly and in part. The respondent had paid Rs. 50,000.00 towards part payment of salary for the month of March 1996. Because it was enhanced to Rs.75,000.00per month from the month of March till the date of filing the petition, the respondent company did not pay the salary at the rate of Rs.75,000.00 per month. They have resigned from the post of Trainees/Captains through resignation letter dated 23-6-1996. But the resignation letter is yet to be accepted. The respondent company did not pay the due salary inspite of statutory notice sent separately by both the petitioners on 26-6-1996. The respondent company has neglected to pay the salary due and therefore, the company should be wound up.