TaxTMI 
TaxTMI 
2008 (3) TMI 487
X X X X Extracts X X X X
X X X X Extracts X X X X
....prayers. 2. The petitioner is the Orissa Small Industries Corporation Ltd., which is a Government of Orissa undertaking. It is the case of the petitioner that the opposite party is a registered company under the R.O.C., Orissa. The petitioner-company carries on business to promote and establish companies and associations for the prosecution or execution of industrial undertakings, projects and industrial enterprises of any description whether of a private or public character which in the opinion of the petitioner-company would contribute to the industrial development of Orissa and to acquire and dispose of shares and interest in such companies or associations or undertakings on such terms and conditions as may be deemed fit by the petiti....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ted 12-5-1998 passed in both the aforementioned writ petitions, which were heard together, modified the interim order, allowing the petitioner-company to take a final decision with regard to privatization of the opposite party-company. In the interregnum, an offer was received in response to the advertisement made through the O.S.F.C. and since there was no response from large number of bidders, the petitioner-company entered into a negotiation with one bidder and on finalizing the negotiation sent the same for approval of the Government. The State Government accorded approval to the said bid. As per the terms of negotiation, the total value of the share capital was evaluated at Rs. 32.82 lakhs (approximately). Against such share value, the....
X X X X Extracts X X X X
X X X X Extracts X X X X
....lated to reconciliation of accounts and quantum of unsecured loan. It appears that thereafter various correspondences have been made between the petitioner-company and the opposite party-company with regard to finalisation of the accounts, ultimately resulting in a statutory notice under section 433 of the Companies Act issued by the petitioner-company through its lawyer, dated 11-12-2002. The opposite party-company thereafter sent a reply to the said notice stating therein that the petitioner-company should release unsecured loan amounting to Rs. 26,29,332 failing which the opposite party-company would take shelter of law. It was also stated in the reply that the opposite party-company would pay the amount of Rs. 14,82,113 during the said ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ayment of the price of such dual desks and benches supplied by the opposite party-company. 4. Be that as it may, since the COPET No. 28 of 2003 is being finally disposed of, this Court feels that it is not required to pass any further order in the pending Misc. Case, which should be treated as disposed of by this judgment. The agreement executed between the parties has been annexed to the company petition as Annexure-1. It appears that a bona fide dispute has been raised by the opposite party-company in respect of the claim made by the petitioner-company that the dues of the petitioner-company have not been paid by the opposite party-company. The agreement also stipulates certain adjustment to be made between the parties. 5. In view o....