( 1 ) THIS is a suit for specific performance of a contract filed by the plaintiff. The plaintiff is a body corporate constituted under the National housing Bank Act, 1987 and is seeking specific performance of an agreement vide which the defendants were to buy back 3,30,000 equity shares of the face value of Rs. 10/- each held by the plaintiff bank in terms of their undertakings dated 8. 7. 1994 and 2. 9. 1994.

( 2 ) IT is averred in the plaint that a limited company by the name of Marnite Polycast Ltd. (now known as MPL Corporation Limited) (hereinafter referred to as the 'company') was incorporated vide Certificate of Incorporation dated 31. 5. 1990 and certificate of commencement of business issued on 18. 6. 1990. It was promoted by Sh. A. K. Chandra and Sh. V. N. V. Iyengar. This company set up a plant for manufacture of cast polyester molded products at Malanpur, District bhind. At that time, the company through its promoters, Sh. A. K. Chandra and sh. Iyengar, approached the plaintiff bank and requested for subscription to the equity in terms of the aforesaid guidelines. This proposal was considered by the plaintiff bank and vide order dated 26. 6. 1991 rea