M. P. CHANDRAKANTARAJ, J.

( 1 ) THIS petition under S, 433 (e) and (f) of the Companies Act, 1956, is made by the Southern Industrial Polymers (Private) Ltd, having its registered office at Madras.

( 2 ) IT is alleged by the petitioner that the respondent-Amar Formulators and electronics (Pvt) Ltd. Bangalore incorporated and registered under the companies Act having ite registered office at Bangalore, had certain transactions with the petitioner-Company and in respect of those transactions the respondent Company is due and payable to the petitioner a sum of Bs. 2,69,308=38 ps. as on 31. 3. 1981. However, on the date of the petition the claim' has been raised to Rs. 2,96,736=62 ps. on 10. 9. 1981. The petitioner presented the petition on 15. 10. 1981. Notice was ordered to the respondent and respondent filed its objections through counsel. In the ' statement of objections it is stated that at a meeting held on 10. 11. 1981 after the presentation of the above petition in this court at the head office of the petitioner's company at Madras, it was agreed that a sum of Rs. 3,16,072-37ps. should be paid by the respondent to the petilioner company by instalments as mentioned in the joint m

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