CHEMICAL ENTERPRISES Vs. KALPANALOK LTD

JUDGEMENT

(1.) THIS is a petition under Sections 433, 434 and 439 of the Companies Act, 1956.

(2.) BRIEFLY, the facts are that respondent No. 1 namely, Kalpanalok Ltd. , is a limited company and respondent No. 2 is one of its directors. The registered office of the company is at Katra Jaimal Singh, Amritsar, in the State of Punjab. However, it is operating mainly from its administrative office at Bombay. The objects of the company, inter alia, are to arrange, produce, acquire, publish, dispose of and distribute films of every description and kind. At present, it is carrying on the business of production, distribution, exploitation and exhibition of motion pictures. It has been borrowing money from time to time for the purpose of their business. It produced some successful pictures.

(3.) PETITIONER No. 1 filed Suit No. 9004 of 1972, in the City Civil Court, Bombay, for the recovery of Rs. 4,346 against the respondents which was decreed against respondent No. 1 for the recovery of Rs. 4,000 plus costs amounting to Rs. 272. 47 and future interest at the rate of 6 per cent. per annum from the date of decree till realisation on the sum of Rs. 4,000, on August 23, 1976. The amount was to be paid by monthly instalments of Rs. 200 each and in the event of default of any two instalments, the whole amount was payable immediately. (Copy of the decree is annex. 'a' ).