Disposed

Shri Shriram Joshi v. M/S Sycone Cpmc Private Limited

Karnataka HC20 Dec 2023COP/17/2014

Case brief

AI extract

What is this about?

The High Court of Karnataka disposed of multiple company proceedings seeking winding-up and interim reliefs. The court accepted a joint settlement memo where the respondent company agreed to pay the petitioner ₹25 lakhs to settle all dues, disposing of the petitions as amicably settled.

What did the court decide?

Petitions and applications disposed of as amicably settled between the parties; joint settlement memo placed on record.

Shri Shriram Joshi Vs M/S Sycone Cpmc Private Limited — Company and Corporate | Karnataka HC (2023)

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NC: 2023:KHC:46710 COP No.17 of 2014 A/W CA No.741 of 2014 A/W CA No.1019 of 2014 A/W CA No.742 of 2014 A/W CA No.1020 of 2014

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IN THE HIGH COURT OF KARNATAKA AT BENGALURU

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DATED THIS THE 20^TH DAY OF DECEMBER, 2023

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BEFORE

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THE HON'BLE MR JUSTICE C.M. POONACHA

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COMPANY PETITION NO. 17 OF 2014

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A/W

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COMPANY APPLICATION NO.741 OF 2014

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A/W

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COMPANY APPLICATION NO.1019 OF 2014

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A/W

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COMPANY APPLICATION NO.742 OF 2014

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A/W

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COMPANY APPLICATION NO.1020 OF 2014

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IN COP No.17/2014

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Digitally signed by BHARATHI S Location: HIGH COURT OF KARNATAKA

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BETWEEN:

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SHRI SHRIRAM JOSHI

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AGED ABOUT 45 YEARS, S/O LATE SHIVARAM VISHNU JOSHI, PROPRIETOR,

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M/S. SUYOG NIRMITI HAVING HIS

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OFFICE AT "DURVANKUR"

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PLOT NO. 3182, NEAR S.T. DEPOT (WORK SHOP) KHED, RATNAGIRI. , MAHARASTRA 415709

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…PETITIONER

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(BY SRI. RAJENDRA S.,ADVOCATE)

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AND:

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NC: 2023:KHC:46710 COP No.17 of 2014 A/W CA No.741 of 2014 A/W CA No.1019 of 2014 A/W CA No.742 of 2014 A/W CA No.1020 of 2014

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M/S SYCONE CPMC PRIVATE LIMITED A COMPANY REGISTERED UNDER THE COMPANIES ACT HAVING ITS REGISTERED OFFICE AT NO.36, 20TH MAIN, CHORD ROAD, 2ND BLOCK, RAJAJINAGAR BANGALORE 506010 BY ITS AUTHORISED REPRESENTATIVE

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…RESPONDENT

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(BY SRI. DEEPTHI A.,ADVOCATE)

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THIS COMPANY PETITION IS FILED UNDER SECTION 433(e) AND (F), 434 AND 439 OF THE COMPANIES ACT, 1956 PRAYING THAT THE COMPANY, M/S. SYCONE CPMC PRIVATE LIMITED, THE RESPONDENT HEREIN, BE OREDERED TO BE WOUND UP BY AND UNDER THE ORDER, DIRECTIONS AND SUPERVISION OF THIS HON’BLE COURT UNDER THE PROVISIONS OF THE COMPANIES ACT, 1956 AND ETC.

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IN CA NO.741/2014

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BETWEEN:

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SHRI SHRIRAM JOSHI AGED ABOUT 45 YEARS, S/O LATE SHIVARAM VISHNU JOSHI, PROPRIETOR, M/S. SUYOG NIRMITI HAVING HIS OFFICE AT "DURVANKUR" PLOT NO. 3182, NEAR S.T. DEPOT (WORK SHOP) KHED, RATNAGIRI. , MAHARASTRA 415709

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…PETITIONER

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(BY SRI. RAJENDRA S.,ADVOCATE)

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AND:

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M/S SYCONE CPMC PRIVATE LIMITED A COMPANY REGISTERED UNDER THE COMPANIES ACT HAVING ITS REGISTERED OFFICE AT NO.36, 20TH MAIN, CHORD ROAD, 2ND BLOCK, RAJAJINAGAR BANGALORE 506010 BY ITS AUTHORISED REPRESENTATIVE

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…RESPONDENT

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(BY SRI. DEEPTHI A.,ADVOCATE)

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3 - NC: 2023:KHC:46710 COP No.17 of 2014 A/W CA No.741 of 2014 A/W CA No.1019 of 2014 A/W CA No.742 of 2014 A/W CA No.1020 of 2014

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THIS COMPANY APPLICATION IS FILED UNDER SECTION 450 OF THE COMPANIES ACT, 1956, R/W RULES 6 & 9 OF THE COMPANIES (COURT) RULES 1959, PRAYING TO APPOINT A PROVISIONAL LIQUIDATOR OF THE APPOINT A PROVISIONAL LIQUIDATOR OF THE RESPONDENT COMPANY PENDING DISPOSAL OF THE ABOVE COMPANY PETITION AND GRANT SUCH FURTHER AND OTHER DIRECTIONS AS THIS HON'BLE COURT MAY DEEM FIT AND EXPEDIENT.

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IN CA NO.1019/2014

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BETWEEN

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SHRI SHRIRAM JOSHI AGED ABOUT 45 YEARS, S/O LATE SHIVARAM VISHNU JOSHI, PROPRIETOR, M/S. SUYOG NIRMITI HAVING HIS OFFICE AT "DURVANKUR" PLOT NO. 3182, NEAR S.T. DEPOT (WORK SHOP) KHED, RATNAGIRI. , MAHARASTRA 415709

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…APPLICANT

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(BY SRI. RAJENDRA S.,ADVOCATE)

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AND:

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M/S SYCONE CPMC PRIVATE LIMITED A COMPANY REGISTERED UNDER THE COMPANIES ACT HAVING ITS REGISTERED OFFICE AT NO.36, 20TH MAIN, CHORD ROAD, 2ND BLOCK, RAJAJINAGAR BANGALORE 506010 BY ITS AUTHORISED REPRESENTATIVE

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…RESPONDENT

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(BY SRI. DEEPTHI A.,ADVOCATE)

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THIS COMPANY APPLICATION IS FILED U/S 450 OF THE COMPANIES ACT, 1956, R/W RULE 6 & 9 OF THE COMPANIES [COURT] RULES, 1959, PRAYING TO APPOINT A PROVISIONAL LIQUIDATOR OF THE RESPONDENT COMPANY PENDING DISPOSAL OF THE ABOVE COMPANY PETITION AND GRANT SUCH FURTHER

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NC: 2023:KHC:46710 COP No.17 of 2014 A/W CA No.741 of 2014 A/W CA No.1019 of 2014 A/W CA No.742 of 2014 A/W CA No.1020 of 2014

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AND OTHER DIRECTIONS AS THIS HON'BLE COURT MAY DEEM FIT AND EXPEDIENT.

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IN CA NO.742/2014

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BETWEEN:

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SHRI SHRIRAM JOSHI AGED ABOUT 45 YEARS, S/O LATE SHIVARAM VISHNU JOSHI, PROPRIETOR, M/S. SUYOG NIRMITI HAVING HIS OFFICE AT "DURVANKUR" PLOT NO. 3182, NEAR S.T. DEPOT (WORK SHOP) KHED, RATNAGIRI. , MAHARASTRA 415709

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…APPLICANT

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(BY SRI. RAJENDRA S.,ADVOCATE)

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AND:

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M/S SYCONE CPMC PRIVATE LIMITED A COMPANY REGISTERED UNDER THE COMPANIES ACT HAVING ITS REGISTERED OFFICE AT NO.36, 20TH MAIN, CHORD ROAD, 2ND BLOCK, RAJAJINAGAR BANGALORE 506010 BY ITS AUTHORISED REPRESENTATIVE

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…RESPONDENT

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(BY SRI. DEEPTHI A.,ADVOCATE)

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THIS COMPANY APPLICATION IS FILED UNDER ORDER XXXIX RULE 1 & 2 OF THE CODE OF CIVIL PROCEDURE, 1908, R/W RULES 6 & 9 OF THE COMPANIES (COURT] RULES, 1959, PRAYING TO GRANT AN AD-INTERIM ORDER OF INJUNCTION RESTRAINING THE RESPONDENT COMPANY BY ITSELF, ITS DIRECTORS, SERVANTS AND AGENTS FROM IN ANY MANNER EITHER DIRECTLY OR INDIRECTLY AND ETC.

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NC: 2023:KHC:46710 COP No.17 of 2014 A/W CA No.741 of 2014 A/W CA No.1019 of 2014 A/W CA No.742 of 2014 A/W CA No.1020 of 2014

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IN CA NO.1020/2014

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BETWEEN:

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SHRI SHRIRAM JOSHI AGED ABOUT 45 YEARS, S/O LATE SHIVARAM VISHNU JOSHI, PROPRIETOR, M/S. SUYOG NIRMITI HAVING HIS OFFICE AT "DURVANKUR" PLOT NO. 3182, NEAR S.T. DEPOT (WORK SHOP) KHED, RATNAGIRI. , MAHARASTRA 415709

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…APPLICANT

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(BY SRI. RAJENDRA S.,ADVOCATE)

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AND:

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M/S SYCONE CPMC PRIVATE LIMITED A COMPANY REGISTERED UNDER THE COMPANIES ACT HAVING ITS REGISTERED OFFICE AT NO.36, 20TH MAIN, CHORD ROAD, 2ND BLOCK, RAJAJINAGAR BANGALORE 506010 BY ITS AUTHORISED REPRESENTATIVE

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…RESPONDENT

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(BY SRI. DEEPTHI A.,ADVOCATE)

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THIS COMPANY APPLICATION IS FILED UNDER ORDER XXXIX RULE 1 & 2 OF THE CODE OF CIVIL PROCEDURE, 1908, R/W RULES 6 & 9 OF THE COMPANIES [COURT] RULES, 1959, PRAYING TO GRANT AN AD-INTERIM ORDER OF INJUNCTION RESTRAINING THE RESPONDENT COMPANY BY ITSELF, ITS DIRECTORS, SERVANTS AND AGENTS FROM IN ANY MANNER EITHER DIRECTLY OR INDIRECTLY AND ETC.

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THE PETITION AND APPLICATIONS, COMING ON FOR, THIS DAY, THE COURT MADE THE FOLLOWING:

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NC: 2023:KHC:46710 COP No.17 of 2014 A/W CA No.741 of 2014 A/W CA No.1019 of 2014 A/W CA No.742 of 2014 A/W CA No.1020 of 2014

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ORDER

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Learned counsel for the Petitioner and learned counsel for

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Respondent have filed a Joint Memo of settlement which reads as follows:

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JOINT MEMO OF SETTLEMENT FILED BY THE PARTIES

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” 1. This Petition is filed by the petitioner seeking winding up of respondent company and appointment of official liquidator and other reliefs, as the respondent has not paid dues to the petitioner. The case of the petitioner is that as per his books of accounts, the respondent is due to the petitioner in all the sum of Rs.15,43,166/- (Rupees Fifteen Lakhs Forty-Three Thousand One Hundred Sixty-Six only) apart from interest as on date of filing of the above petition. During the pendency of this petition, the petitioner has received a sum of Rs.2,55,920/(Rupees Two Lakhs Fifty-Five Thousand Nine Hundred and Twenty only) from the respondent as per the dues payable to the petitioner in accordance with the case of the respondent. Even as on this day, as per the books of accounts of the petitioner, the respondent is liable to pay the balance amount of Rs.12,87,246/(Rupees Twelve Lakhs Eighty Seven Thousand Two Hundred Forty Six only) with interest.

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2. In view of the intervention of common friends and advocates representing parties, the parties have amicably settled their disputes and hence this joint memo is filed bringing on record the terms of the settlement.

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3. In view of the settlement arrived amongst parties, the respondent has agreed to pay in all a sum of Rs.25,00,000/- (Rupees Twenty-Five Lakhs only) to the petitioner towards full and final settlement of the

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claims of the petitioner against the respondent which includes compensation and litigation expenses. The agreed sum of Rs.25,00,000/- (Rupees Twenty- Five Lakhs only) is paid by the respondent to the petitioner by way of cheques all drawn on State Bank of India, Sadashivanagar Branch, Bengaluru, signed by Susheema V, the Authorised signatory of the respondent, drawn in the name of the Petitioner namely "Sri.Shriram Shivaram Joshi" by deducting Tax, details of which is as under:

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Sl.No.	Cheque Number	Date	Amount
1	320990	20.12.2023	9,80,000/-
2	320994	20.01.2024	2,94,000/-
3	320995	20.02.2024	2,94,000/-
4	320996	20.03.2024	2,94,000/-
5	320997	20.04.2024	2,94,000/-
6	320998	20.05.2024	2,94,000/-
	TOTAL		24,50,000/-

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4. The respondent has handed over the aforesaid cheques to the petitioner before this Hon'ble court this day with the undertaking that the respondent would honor the said cheques as and when the same are presented for encashment by the petitioner on the given dates.

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5. The respondent undertakes to pay the tax deducted amounting to Rs.50,000/- (Rupees Fifty Thousand only) to the Income tax department (Government of India) on account of petitioner PAN account No. AAUPJ1222D without any delay. In case of the respondent not paying the tax deducted to the government as detailed above, any consequence arising out of the same, the respondent would be directly liable for the same. That apart, if the said tax amount is made payable by the petitioner to the department with any interest and penalty, the same can be recovered by the petitioner from the respondent with interest at the rate of 10% (Ten

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Percent only) per annum from the said date the petitioner pay such amount to the department till the said amount is recovered from the respondent.

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6. In case if any of the cheques issued are dishonored for any reason upon presentation, the respondent would be liable to pay interest on the said cheque amount from the date of the cheque till its realization/payment at 10% (Ten percent only) per annum, apart from petitioner being entitled to initiate appropriate proceedings against respondent/directors/officers available under law before appropriate court of law for appropriate relief.

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7. The parties have read over the terms of settlement being guided by their respective advocates and have signed this joint memo without any undue influence/coercion/misrepresentation etc.

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Wherefore the parties most humbly pray that this hon'ble court be pleased to take this joint memo on record and dispose the above petition in terms of this settlement arrived amongst the parties as detailed above, in the interest of justice and equity.”

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The said joint memo of settlement has been signed by the

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Petitioner and the Director of the Respondent as well as learned counsel appearing for the Petitioner and the

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Respondent.

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It is placed on record that Respondent has agreed to pay a total sum of 25 lakhs in full and final settlement of the claim of the Petitioner and that a sum of 24,50,000/- has been paid

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as is detailed in para No.3 of the Joint Memo and Respondent undertakes to pay the tax deducted amounting to `50,000/- to the Income Tax Department to account of petitioner’s PAN account without any delay.

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In view of the aforementioned, the above petition is disposed of as having been amicably settled between the parties.

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SD/JUDGE

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List No.: 1 Sl No.: 38

Shri Shriram Joshi v. M/S Sycone Cpmc Private Limited

Case brief

What is this about?

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Shri Shriram Joshi v. M/S Sycone Cpmc Private Limited

Case brief

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