respondent that they were interested in collaborating with the respondent company. Lot of negotiations took place and subsequently, the respondent agreed for the same. In the year 2010, the name of the respondent company M/s Milestone Shelters Pvt Ltd was changed to M/s KGS Constructions Ltd.,. During the month of March and April, 2010, the second to fourth accused purchased 42.6% stake in the fifth accused company, while M/s Reliance Capital Ltd acquired 14.90% stake in the said company M/s KGS Constructions Ltd.,. The respondent and his wife held the remaining 42.50%. The said company was able to generate profit consistently despite of the global recession in the Real Estate Market. Therefore, the accused 2 to 4 wanted to purchase the entire shareholding of the respondent. There was various deliberations and negotiations which took place, in pursuant to which a Memorandum of Understanding came to be executed between the petitioners and the respondent. On 25.01.2012, as per the Memorandum of Understanding, shares owned by the respondent and his wife were to be purchased by the petitioners to the tune of Rs.6 Crores on or before 15.02.2012. However, the petitioners never fulfilled their promise and then after reworking the agreement, induced the respondent to enter into another Memorandum of Understanding dated 30.01.2012. Accordingly, the petitioners once again promised to settle the due to the tune of Rs.3,75,00,000/-. They also issued post dated cheques of Rs.25,00,000/- each.
