KRISHNA SARAN SHRIVASTAV, J.

( 1 ) THIS is an application under section 433 (e) of the Companies Act, 1956, for winding up of the respondent-company.

( 2 ) IT is an admitted fact that the petitioners were appointed as trainees/captains on a stipend of Rs. 25,000 each. They had executed separate agreements. It was stated that on being appointed as regular captains they would be paid total emoluments per month of Rs. 40,000. Later, it was enhanced to Rs. 60,000 per month, vide letter dated 26/12/1995.

( 3 ) ACCORDING to the petitioners their salary was paid irregularly and in part. The respondent had paid Rs. 50,000 towards part payment of salary for the month of March, 1996. Because, it was enhanced to Rs. 75,000 per month from the month of March till the date of filing the petition, the respondent-company did not pay the salary at the rate of Rs. 75,000 per month. They have resigned from the post of trainees/captains through resignation letter dated 23/06/1996. But the resignation letter is yet to be accepted. The respondent-company did not pay the due salary in spite of statutory notice sent separately by both the petitioners on 26/06/1996. The respondent-company has neglected to p

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