{"id":254594,"date":"2010-08-31T00:00:00","date_gmt":"2010-08-30T18:30:00","guid":{"rendered":"https:\/\/www.legalindia.com\/judgments\/fortune-financial-services-i-vs-golden-gate-properties-limited-on-31-august-2010"},"modified":"2014-08-29T00:01:07","modified_gmt":"2014-08-28T18:31:07","slug":"fortune-financial-services-i-vs-golden-gate-properties-limited-on-31-august-2010","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/judgments\/fortune-financial-services-i-vs-golden-gate-properties-limited-on-31-august-2010","title":{"rendered":"Fortune Financial Services (I) … vs Golden Gate Properties Limited on 31 August, 2010"},"content":{"rendered":"
Karnataka High Court<\/div>\n
Fortune Financial Services (I) … vs Golden Gate Properties Limited on 31 August, 2010<\/div>\n
Author: H N Das<\/div>\n
IN THE HIGH COURT OF KARNATAKA AT EANGA.I,O.RE,_\n\nDATED THIS THE 31\" DAY OF AUOUST,...,I'I\"<Fi'*'-1'..1" 03." ._  "\nSHRI N'I'M1S'H~ArI:._SHAH \n\n..PETITIONER\n\n(By Sri.PARRYIP$_SAA\/ID}\\I~Ii,'..'FSRCOUNSEL\nEOR SR1 'ARV'IND.M.NEGLUR, ADV.)\n\n 'PROPERTIES LIMITED\n\nA C-OMPVANVY' INCORPORATED UNDER THE\nCOMPANEES ACT, 1956,\n\nA   \u00ab   HAVING. ITS REGISTERED OFFICE\nA. ATG.OLDEN HOUSE, 80 FEET ROAD\n' S"-'.._E.I,OCI<, KORAMANGALA,\n\n I3ANGALORE--560 095.\n\nfizzy Sri.HARISH & CO., ADV.)\n\nRESPONDENT<\/pre>\n
\ufb01V!.V:’\\\/<\/p>\n
I as-irzgw
\nTHIS CG-}’t.QN’y’ ‘ ILED UNDER SECTION 433(6) & (\ufb01_R1W<\/p>\n
SEC. 434 OF THE COMPANIES ACT, 1956 PRAYING TO \\?V_\u00a3l~ID”–\u00abiJ”i?A<\/p>\n
THE RESPONDENT COMPANY.\n<\/p>\n
THIS PETITION HAVING BEEN HEARD ANI:.fjREsERvEO .,
\nFOR ORDERS, H.N.NAGA’MOHAN DAS.:~’J;”P.RONOI_,JNCE.D’ <\/p>\n
FOLLOWING:\n<\/p>\n
ORBER<\/p>\n
Petitioner is a Class-I Merchant Bankers’:eln’gaged  the biisiness of
\nproviding financial advise and cooperaltioihhii is a registered
\ncompany under the Coiiipanies   registered office at
\nBangalore. The “ihe:TRe_svpondent’company is to carry on
\nbusiness of  develloprrient in India and abroad. In
\nthe year  appointed the petitioner as its
\nfinancial consultants.   there came to be an agreement
\n  petitioner and'”‘theV respondent company as per Annexure–B<\/p>\n
specifyingi’ti1e:”\u00bbterIns~,._arId conditions. In terms of the agreement, the<\/p>\n
F”CResponde.nt  paid a sum of Rs.l0,00,000\/– on 13.2.2007 to the<\/p>\n
C’ ” i.’petiti\u00bborier. Oiiaccount of service and assistance rendered by the petitioner<\/p>\n
 tiwoiinvestors by name Morgan Stanley and Deutsche Bank’s REEF Fund<\/p>\n
 ‘evidenced prima–facie interest in December 2006 and January 2007 to<\/p>\n
  2′ invest money in Respondent Company. Finally the Deutsche Bank agreed<\/p>\n
we<\/p>\n
to invest a sum of Rs.273.50 crores with the respondent. On 14.0.2007<\/p>\n
there came to be a Term Sheet executed between the Responden~t- <\/p>\n
and the Deutsche Bank as per Annexure–C. This agreemenit”–bet’tyeen thevi  C <\/p>\n
Respondent Company and the Deutsche Bank was Qnpiat:coyunt_of_theiepfforts<\/p>\n
made by the petitioner under the Agreernenr.___at An’nex’ure–B  terms (if the  2<\/p>\n
agreement the petitioner submitted a  1v2.12i.’2.00i7’V’i’or:’:a sum of<\/p>\n
Rs.10,7S,56,610\/– for the servicesi_.ir’:nAdered_ periiAinnexure–D.
\nThereafter the respondent\u00bb.companwy~paid  –Crores. According
\nto the petitioner deduction’ toraiiviithepayments made by the
\nRespondent    of Rs.5,65,56,6i0\/– as<\/p>\n
on 12.12.2007, ._ ppetiti.o_ner’fs request by their letter dated<\/p>\n
26.8.2008 as per:  4.11.2008 as per AnneXure–J,<\/p>\n
14?_.esponden..t:i Company ~ not paid the balance amount due to the –<\/p>\n
pet.i_Vti\u00bbon’er.__ Eiietw-e\u00e9en, _5.i_.2008 and 5.11.2003 continuously there was<\/p>\n
 Vcorrespoindence’ibetwe.en the parties and exchange of E–mail. From this<\/p>\n
 corresponidence between the parties the Respondent Company asked the<\/p>\n
 ‘<p\u00a2:i:ione1~.;p reduce the fee rate from 3.5% to 2%. But the petitioner refused<\/p>\n
 Htoifaccept the request of the Respondent Company for reduction of fee rate.<\/p>\n
 Further the correspondence between the parties reveals that Respondent<\/p>\n
{\\.\/<\/p>\n
yw<\/p>\n
not liable to pay any amount they paid a sum of Rs.5 Crores.~-under<\/p>\n
tremendous pressure from the petitioner and the same do not an1otign.t.V'to<\/p>\n
acknowledging the liability. On these grounds, the Resporirlent.  <\/p>\n
opposed the petition.\n<\/p>\n
3. On 4.8.2010 when 1earnecliic’e1u1nse1i’t”or’petitionerAicovmmencied  u<\/p>\n
the arguments, learned counsel for respondent–..was  }Again the
\nmatter was adjourned to 1l.8.20′–l0′ for-_fu:ither”w–argu’1nents. On that day,
\nlearned counsel for petitioner completed Vthe’=.argu;nents.’i Learned counsel<\/p>\n
for respondent prayedpfor: two jweelgs time” ,arid:'”the same was refused.<\/p>\n
However, it gwasivtoidlto ]e:art;e_d’\u00bbs:o’unsel'”for respondent that if they are
\ninterested in addres–singthe’argu1r1ents…–they can do so within two days and<\/p>\n
with this observation thevmatter. came to be reserved for pronouncement of<\/p>\n
*o_rde’rs.p Even ?..after’t–one weeltiearned counsel for respondent has not come<\/p>\n
forward to  the _a’1_{guments.\n<\/p>\n
4.  H lfiiespoindent company admit that they have entered into an<\/p>\n
 agr..eenien’t._on 27.10.2006 as per Annexure-B with the petitioner specifying<\/p>\n
 _the–‘ terms and conditions. in terms of the agreement the transaction<\/p>\n
 the parties was to be completed on or before 31.3.2007. The<\/p>\n
a.\u00ab<\/p>\n
Ow.\n<\/p>\n
\n
parties by consent have agreed to extend the term of agreement bygdanother<\/p>\n
90 days as per Annexnre–R1. Accordingly on 14.6.2007  _<\/p>\n
came be entered between the respondent company and.’Deu-ts\u00a2\u00bbhe”‘Ban_k  <\/p>\n
per Annexure~C. Further the respondent coi*t1parg1’y..in their. s’tatern’ent”*:sf;_f<\/p>\n
objections at para–9 admit that they have’-.receii\/evdViinvesitirnerigtof<\/p>\n
Crores by December 2007 as against appnrolved’disbursement of Rs.273.5
\nCrores. It is not in dispute that:\ufb02s:.1bset1tient’iythe’respondent company
\nmade payment of Rs.5_(:rores   It is also not in
\ndispute that as per  respondent company has
\nagreed to pay  On the face of it on the
\namounts receiiv\/ed\u00ab_by ‘they are liable to pay fee of Rs.8<\/p>\n
Crores to the petitio_ner_<\/p>\n
   In: the correspondence between the petitioner and the<\/p>\n
responden.tV’coKn1–;3;a1iy =t.bejtween January and November 2008 as found at<\/p>\n
VA-nnexnre.s_–H to J Ztherespondent company had not denied the execution of<\/p>\n
” }the__va\u00bbgreementV.and the terms and conditions contained therein. Further in<\/p>\n
 thisicorrespnondence respondent company has not whispered a word that the<\/p>\n
 petit_ion:er has not extended any assistance and service in securing the<\/p>\n
  “investment from the Deutsche Bank and that on account of their own efforts<\/p>\n
\u00bb”~_\/<\/p>\n
\ufb02u’,<\/p>\n
they secured the investment. It is seen from the correspondence that the<\/p>\n
respondent company requested the petitioner to reduce the pertzjenttagepf<\/p>\n
fee from 3.5% to 2% and the same is refused by the petitioner.’ It   0′<\/p>\n
first time the respondent company in their reply’ to the*i_’sta_tutory notice at<\/p>\n
At1nexures\u00bb~L and M the respondent company cuon_te’n._dthat the.petitioi;.e’r.h’as ._<\/p>\n
not performed their obligation in terms the agreement: “..:Therelfor’e, the”<\/p>\n
defense taken by the respondentcompatiy’  invalid; not bonafide<\/p>\n
and it is only a moonshine defense to.i.evad*e5the\n<\/p>\n
6. The petiti.oner  the “petition  alleged that the respondent<\/p>\n
Company is irrbifinancial dttfije\ufb01itieegtnd corhrhercially insolvent and not able
\nto pay the debts.’ On the respondent company contends that<\/p>\n
they are solvent, tii1ancial..’~sou.nd”and capable of discharging the debts.<\/p>\n
\ufb01nderpSeet:ion”*43%3(A1) ofitlie”‘Companies Act<\/a> even if the respondent is<\/p>\n
financiialgsoungd=andVuif._it_1has not paid the debts due to the petitioner, then it<\/p>\n
 deemedthat the respondent company is unable to pay the debts.<\/p>\n
2 \u00bb  Court vide order dated 07.09.2009 admitted the petition and<\/p>\n
 .per–mit;;ed the petitioner to take out advertisement in English daily ‘THE<\/p>\n
0′ 0  _ ttittpu’ on or before 22.09.2009 fixing the date of hearing as 20.10.2009.<\/p>\n
I\\.,<\/p>\n
J”\n<\/p>\n
\n
The petitioner complied the order of this Court and \ufb01led copy opfhpaper<\/p>\n
publication before this Court. Pursuant to the advertisement ngitiody <\/p>\n
forward either to support or to oppose the passing of winding .1<\/p>\n
the circumstances the following;\n<\/p>\n
) E-‘.._R<\/p>\n
–.–.–.:g\u00bb-an<\/p>\n
1<\/span><\/p>\n
ORV<\/p>\n
kn<\/p>\n
i. The petition is hereby allowed:\n<\/p>\n
ii. The respondent cornpariy Aisl-V_order’ed’\u00bb~to\u00bb.2p’e’ wound up.<\/p>\n
iii. The petitioner is direc’t’ed to  Rs.25,000\/~ with
\nthe   n_tiee;t,’the:”i”ri’itia1 expenses of the
\nwindvingt  ”  l l <\/p>\n
iv. ;iThe  directed to serve a copy of this order on the
\nRegistrar’ of thin 30 days.\n<\/p>\n
v.    petitioriervvipsplftzrther directed to take out advertisement of<\/p>\n
A   in English daily ‘THE HINDU’ within 14 days<\/p>\n
‘ iirorr:’p–thei:;.date of receipt of copy of this order.<\/p>\n
sale<\/p>\n
U _7LRs.  Eis\u00e9ge<\/p>\n
up order. In”<\/p>\n","protected":false},"excerpt":{"rendered":"
Karnataka High Court Fortune Financial Services (I) … vs Golden Gate Properties Limited on 31 August, 2010 Author: H N Das IN THE HIGH COURT OF KARNATAKA AT EANGA.I,O.RE,_ DATED THIS THE 31″ DAY OF AUOUST,…,I’I”<Fi'*'-1'..1" 03." ._ " SHRI N'I'M1S'H~ArI:._SHAH ..PETITIONER (By Sri.PARRYIP$_SAA\/ID}\\I~Ii,'..'FSRCOUNSEL EOR SR1 'ARV'IND.M.NEGLUR, ADV.) 'PROPERTIES LIMITED A C-OMPVANVY' INCORPORATED UNDER THE […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8,20],"tags":[],"class_list":["post-254594","post","type-post","status-publish","format-standard","hentry","category-high-court","category-karnataka-high-court"],"yoast_head":"\nFortune Financial Services (I) ... vs Golden Gate Properties Limited on 31 August, 2010 - Free Judgements of Supreme Court & High Court | Legal India<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.legalindia.com\/judgments\/fortune-financial-services-i-vs-golden-gate-properties-limited-on-31-august-2010\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fortune Financial Services (I) ... vs Golden Gate Properties Limited on 31 August, 2010 - 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