3.1.9. The Ahuja Group, again vide letter dated16th March 2017, asked the Corporate Debtor to issue the shares to the extent of Rs.2,62,50,000/(Rupees Two Crores Sixty Two Lakhs Fifty Thousand Only) and refund the balance amount to Sachana Exports Pvt. Ltd. and also reiterated its stand that no amount was payable by Marvel towards unpaid call money and the company was liable to refund the remaining amounts with interest due thereon. However, the Ahuja Group was informed that the Board of Director in its meeting held on 17th March 2017 have resolved to make a call of Rs.2.50/- per share on 25,00,000 partly paid-up equity shares of Rs.10/- each held by Marvel. In response to this, the Ahuja Group again called upon the Corporate Debtor vide letter dated 17th March 2017 to (i) issue balance shares worth Rs.1,50,00,000/- (Rupees One Crore Fifty Lakhs Only) and Rs.25,00,000/- (Rupees Twenty-Five Lakhs Only) to Marvel Fragrance Private Limited and Mr. M.D. Ahuja, respectively, (ii) issue shares worth Rs.1,62,50,000/- (Rupees One Crore Sixty Two Lakhs Fifty Thousand Only) in favour of Sachana Exports Pvt. Ltd. and shares worth Rs.1,00,00,000/- (Rupees One Crore Only) in favour of Ahuja Finance Pvt. Ltd. (iii) refund the balance amount due to it after making these appropriations with interest thereon at the rate of 18% p.a. It is stated that there was no further demand for the purported unpaid call money thereafter.
