S.C. Gupte, J.

Heard learned Counsel for the parties. This notice of motion is taken out under Order 7 Rule 11 of the Code of Civil Procedure. It is the case of the Applicant (Original Defendant No.1) that the plaint as it stands does not make out any cause of action and that accordingly the plaint must be rejected.

2. The Plaintiff has come to the Court with a case of an oral agreement of 20 September 2012, under which Defendant No.1 agreed to remunerate the Plaintiff for professional services rendered by him since May 2012, by (i) allotment of 4% Class A Shares (Nondilutable) in the proposed company to be incorporated by Defendant No.1, which would act as an umbrella company for the entire media business of Defendant No.2, (ii) payment of producer's fee of 7.5% on all paid projects of the company and (iii) a sum of Rs. 30 lakhs per annum as salary from October 2012 onwards with an option to convert the same into equity. The Plaintiff's case is that he accepted and acted upon this oral agreement, which was in fact said to be a novation of an earlier agreement arrived at between the parties in May, 2012, whereunder the Plaintiff had agreed to work as an advisor of the compa