High Court Karnataka High Court

Ideaspace Solutions Limited vs Nil on 8 September, 2010

Karnataka High Court
Ideaspace Solutions Limited vs Nil on 8 September, 2010
Author: H N Das
 '('s"i*%%s:;:»%';a.;::§* gum Pam, mg mg EXEC}

'E
IN ma mag mzmr C}? zmxzszarsgafi gaxamaas
smgn THIS 3% 3?" my Q? s.EPmMag§. zm

BEFGRE

mm Hmrsm z~.m.:I.: mes H.2%.NaG.aMQ;mg $35  i    ' ~

cemmgyarzfxm I~§a>.33§?"2€;"'£i};    A

BE :

..--__.. - .._._ - -.4

mgamgmaaztmamzmrm    
A C!OZv@é§.2~é'Y mmapemzm :..:1'-.'1.:w..*:$m :::::§.é§a2-z'm    
MIT, 1955 AND 1--{.amNe11*3aE:3'~i31'mt?;m{M}  ;a..*1'
2§£1,SKEI~i$U$E,M£I3m;_IIv£RGAD      
amsaagsggfieazs  

§.mR.Esm'm:?aV.?:?ViT3 %
sax 3 AYA&%LN2::K '    
 * %   ' ...?H'zmm~:"E;if3'I*~s;$}'D'.fI}&'.».;¥?0}'?;:'°2*s§;':I%;1 &. A&S©€3A'FE5S,
     %%%%% 

 RES¥§E%3§E£'~¥'I"

 <'§:§s%%%£;$Gp 13 mm am mt. mmsx 39; 3? 'mm

A'   am, 1955, maxim mg? mg *z*:--m REA.S0"£=sI3
% s's:*a%rm%*;%2~: ms H£::1~i*'ELE mm? B.«{2%..Y 33 ?  113

V' 3:'5...?§$§'fiG1%E am mm 93  

3QA3TfiRE

 

" L = .  ms: ALL Tm fiignmamms Arm mmrmas me' am

ymmmzm CX;".§Zs;$Al'~E'¥ Am 32-: Tm am pgmzzzrza
mmswr .a2@a*rs.,



ms 2:391: Cvozmaa 32»! mg. cwms ms m.~*;; '  ' 
fiGr¥3'§.TI&aLm}3'i'£-m1'?$LL§'\3iI}~ICi»:-    ~

mm pezsmn is mad mm 39% 5;' 

Ccxmpmlim Act, E956 (fir ahert   "j---
Izieaapaee Seoiutiefis Limitztté, .a®fiIxg?"'£§$§:'2_¢fic:_§, sf' Tsaahsszfie sf
mmzgefit pmyuseé betwexefi mfi

its shamiwkiara grsdgmrééfiiat     fietitisfi.

2}.    inaargarated an
05.94.1993

Qtzmyazziw Act, Igfié,
am the (Vasavi) Fina” nee La; in
Hy<i jea;tja.be;§i.,. 'V 'V fietajzxw the Ceszrfifecate ef

an 1S.%.1§'93.§ The mime af thaa

riééaa vVéi§;)'g'v;;u Mi aqflamxmt Fman' ac Lfimit-ad on

mma was charzgfi; ta Esifsgfiatwmt

an O}..O1.19§5. Furfkmr, tizw namc =91'

was charfi m Mfsfliiifi Vaaavi Infxzwugh

H 25.82.19§§, Th , the mme surf tha mmpany

cmmgefi ta M/s.Eésas§ace Saiutietxs Ejmiwé an

/"

3

31312332. fin iE.’?.%.2Q02§ the rglataered 3&3 9%” the

Ccmpany was ahififi finssm the Siam sf fimém

Stabs sf Karrzataim.

3., Prmently, tha mgstcmd sfiém af §.h:::..,i:§c&’§t£:§n:mV 1

comgany is sitsmtw at $3.25} 3., Sic? :

Bengaluruw5609’25§Ka1*r3m’.a.ka. _ V V’ S
3:, 1313 authnriaafi sham rzf ?ef.§f§;inner
Cumprany in R$.1G§Gfl,{)§,€{3i:’.} f’:s }.§%§, &3,G$}

atguity share;-ea ‘hifiééégd, szxtganfbed amd
pajdwup capimxg afi 3:.;:;.;sm%;;;.g Ra..5§§S=§S$%é5€}§- &.2uiae&
intt} 59,5a,s§.%ee;;1§tyksmm§fk§eé.1a>;- each §;;1§_x,r% paiaz up.

V557) f’ ihe p&£i3:i:.}i:t¢r mampany is $2»

Zivizmierta’ iae. I my nmda £1′: gawk? Emygrg Exwrt

” Ci¢«mp1§.*.;;fi and ail varieiiw ef Enfafmafion

like Mafificai ‘Frm2sr:::ri§t31en,; GEE} SP3

Entfm, §a.ta C<::=£%i9z;, kxtgmat séxxriew,

Eetwmrlég Eike wan? Lam mxfi in relatefl

E-C$ , fszwc a=§ara:im:$ miafixg is azzxfiwsm,

yr"

4

har%&z*e gzxznaeizitafig izfitaiiafimn 33.13, Eycwrt,

Immrt, Ma?m af aemgsutm Emrafiwarg,

fiiphaais and reiafiad a sitim _

mexztraxrzt Q3.’ fiub-mntxact kasis anti 5%.? mg m@r¢fg:§?§fa<§:t~::¢ut "

in its Ba§e@£m1.v:i1xm ané Arficées cf Asafipiafixrfi; :a';# ; AA

&A fie 'aha petitian.

6* me Beard gr mrwmra er in
im held an aampheé
the gmpewzi schame V cf getitisrmgr

czcxmpazzy aI1&: :, im ‘ the Emard cf
Bkmmm titf Mg’ Limitaé. – ma majzzerity
appwazmé the gchenm nf

axra@;5a;3:1f§3_*:tVi:?.vA_v’it2%gt:ié>’:3tirg ma an zggamaza. “rm aartifieti

9? by rim Baaré af Diracwm sf mm

A as §.

are rm aeczzrafi tmedimra ix: fize mfitiozzm’

but it has ungzxtfi czfiimm havmg’ an

sf’ Rs.14,49,3?,9@a;- aa mzfifiéé by

as an EEYQEHQBIQ pea” fka %e dated

C¥!~.€?3.2§1G fzlrrzishfi ass F. Pail the uxmexzureé

craditars have. fur*n;ishes:i tgbsfi “Na Qbjeacfisn” fer

the pawsgesafi sclmeme af arrang%:’1t.

8. Km campy of 1:33:25 audited;

ye-.ar endm 31.C>3.§6@9 pmfixetrsd ” A’ n .

Q: ‘This {hurt vkda ardag in
c,A.1~:¢.2@;2am, mm ;% pezszmer

Cempany ta bald the ifaff §v§3;’§gI;&hD1dfiI’5 an

2S.Q5.2C!1§. fisii swim Chem
Kupafiu apwizmfl by this
Grzaurt, hag. _ Vfiatatizg that fixa mirmrity
acheme ush.

gzmaent wfitimfi hm bmn aw azznd

ifisua mtima :9 $313 Rtzgiaflal fikmmr,

mfidixfictgwflm

A atmi; aévartjaemmt gf aim gaéifimn £3 English
:3 i.-mm: ma. Kg. nnsada éafly ‘fiamyruifia
in ism’ adifiam at mg the am cf

fr/’

5
hmfiuzg 3.3 mi i6:.§8.2G1G. Accaardiwiy; fix wfitiznnfir has

furniskm ma mpias cf the saifi. mgers bath claw

24.32.2319 afiang with amagavi: flared agsmzms. 4′

tr; ths nszstim issuaci is the Regimrxaj, fikmmf. rm

Csmpaxzies an behalf mi’ Regbrzal E-gas

datefi; m,0s,2Q:m, szazm that “R0 ®b§a<;'5t?z9;:%i*_t§

grnmwd achem af arrazgemena

31. Egpmtz. the acimzzm 3f
the eqL:ii,y $h&:@ at’ me}: at’ Whist

3&1}; have 9:1 53:’ §%ra the
d;a.te mad and V far 31.33%: }§1.ir’%3$§ is $633.
§-raiding ?r?m:e Limited,

the §t§§§13:£’§t_f;f_ Campany wxdcr 12$ Sac-hams: erf

shaw imimdixug afi rlsghm and

pizxmmnt ta ti}: Scheme heirig

LL’§; High Quart unfier Station 3§33 {2} af the Am:

Z farm act $1′ dmii he; traxmfcrrwi tie, and

V 5%’ dmma to have ‘near; flfi% 1:9 er vmhfi ixg ea

é.é{ £a bmma efifietixm as aw frem the Efiaciiw Bate, the

/”

‘E

mtatsa, asgeg right? titlaa azfi izzizmwt u§ tk GEE

P’ris:=&t¢ Limgmd, the Magarizy shasmzfiim Cczmpaxry

per ‘film gamma ::fa;’raz§ew:’1t,

E2. Pazrszgiant ‘ta am a&’=.%rfi3¢ms3%zt”%3f 4*:;%;¢§.pa:t§iii:lV€%3ii;V:;t::aé«’

8 £§flfi, cméimrs and

a afi ahéectfi the pmmsfi ffif

13. Heazfi thc Emma ‘¢’f;:.iL:.m¥=§:1%.:.>52″;;¥19’p;¢jtitis:»xzm’ ami
mm Cenmai _ __nt the enfire

E}& fi 1 . V . . .

14. In =;ea”§:i§smr has mafia «gut a
cage fiat’ t1{‘i¢ . af arragxgmeni at Afiam

9.

‘”f* y;enn£§

gsefiticsn is ajlawmi.

A E} m {Em

.. 2,_ Qsshsmua :3? ax-rmgammt at .: . ._
” ~§s”£’im*m1 £3 hmeby samtykesgggzé.
‘ The cxzmpany 3&1}; fik a mpg {if the

ardew wit}: tha Ragiatrm cf Ce ,

(&J’P

$

Karnataiza fiifin thfmty £13323 fiasm fiw

rwipt; es!’ the cvréau ‘