AKM ABDUL LATIF Vs. BANANI METAL LIMITED

JUDGEMENT

(1.) This is an application for winding up of Banani Metal Limited, a Private Limited Company having its registered Office at 60/1, Purana Paltan, 1st Floor, Dhaka under sections 162 and 163 of the Companies Act, 1913.

(2.) The petitioners case, in short, is that, he had executed an agreement on 26-10-89 and subsequently, another agreement was also executed on 13-11-89 between the respondent No.2 and the petitioner. The petitioner has contended that the respondent company entered into an agreement being agreed by all its directors that an amount of Taka 5,00,000.00 is needed to invest for development of designs of a few commercial items and the respondent No.2 requested the petitioner to give the said amount of loan and the petitioner agreed to finance Taka 5,00,000.00 on certain terms and conditions as laid down in the aforesaid agreement.

(3.) The petitioner has stated that one of the conditions of the said agreement is that irrespective of loss and profit, the respondent No.2 will pay the petitioners a guaranteed profit of Taka 10,000.00 per month. In pursuance of the loan agreement the respondent-company paid profit of Taka 10,000.00 per month up to July, 1991 and thereafter stopped payment to the petitioner. In the aforesaid situation the petitioner requested the respondent No. 2 to repay his entire loan amount within three months time. The respondent No. 2 gave written assurance for the same but did not fulfill the assurance at all.