1998 (4) TMI 478

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....nder sections 433 and 434 of the Companies Act, 1956 ('the Act') the petitioner seeks and order of winding up against the respondent-company. According to the learned counsel for the petitioner, an amount of Rs. 8,98,098 was due to the petitioner from the respondent towards the loan advanced to the respondent. Therefore, statutory notice was issued. Though the statutory notice has been duly receiv....

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....lakh to the petitioner. 3. Now, perusal of the agreement between the parties to which the learned counsel for the respondent invited my attention, shows that according to clause 2 of the agreement, the petitioner could have sold the shares which were pledged with the petitioner. However, the petitioner did not adopt that method for recovery of its dues. Instead, the petitioner issued statutory ....

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....r is bona fide and genuine. In these circumstances, in my opinion, interest of justice would be served by making the following order: The respondent is directed to deposit an amount of Rs. 8.98,098 in this Court within a period of three months from today with due intimation to the petitioner. The petitioner shall deposit in this Court the share pledged by the respondent with the petitioner with....