GURNAM SINGH Vs. IDMA LABORATORIES LTD.

JUDGEMENT

(1.) THIS appeal under Section 483 of the Companies Act, 1956 (for short "the Act") is directed against order dated December 14, 2000, passed by the learned company judge in Company Petition No. 272 of 2000.

(2.) A perusal of the petition filed by the appellant under Section 433/434/439 of the Act shows that he had given a demand draft of 10,000 pounds (sterling) to the respondent -company in January, 1989. After one year, the respondent issued 26,488 shares of Rs. 10 each with the prior permission of the Reserve Bank of India. The appellant protested against this act of the company by addressing communication dated April 15, 1990, to its managing director in which he mentioned that the amount of 10,000 pounds (sterling) had been given by way of loan. However, for the next eight years, he did not take any step for recovery of the so -called loan and filed a petition for winding up of the respondent -company in the year 2000 only.

(3.) WE have heard Sri Arun Bansal at considerable length.